Dubai developers to relaunch seven UAE projects
Relaunches include AED400mn development in Fujairah
Dubai-based developers have announced they will restart work on seven projects which had stalled.
Dubai Investments (DI) will be relaunching a $10.8mn mixed-use project in Fujairah before the end of the year, DI's CEO Khalid bin Kalban has confirmed.
"We will include residential apartments and service apartments which is subject to market conditions," he told Emirates 24|7.
The developer is Al Taif Investment which is a joint venture between Dubai Investments and Fujairah Investment Establishment, the investment arm of the Fujairah Government, which holds a 40% stake in the enterprise.
"We have submitted the detail drawings to the Fujairah Municipality and we are hoping to get approval soon. We have the contractor on board and we're all set to go," said Kalban.
"The banks are back and are lending... we are now already in negotiations and have received term sheets."
Al Taif Investment was set up in 2008 and had announced launch of Fujairah Business Park and The Market projects but they were put on hold following the global economic crisis of 2008.
Meanwhile, Q Developments, part of Q Group of companies, has been appointed by Dubai-based Empire Arabia, a Dubai-based company, to manage and deliver six residential and commercial projects in Dubai that were put on hold during the global financial crisis.
The stalled projects, part of the former Best Homes Development, have been taken over by Empire Arabia, which has signed a Memorandum of Understanding with Q Developments.
Safi Qurashi, CEO of Q Group, said: "We have already been in contact with investors here in the UAE and as far aas Pakistan, Russia, India, the UK and Canada."
"All have expressed relief that the projects are being revived, as they feared the worst when work stalled during the financial crisis. Each are now being offered various options depending on their individual circumstances, and we're working closely with Empire Arabia to deliver all the projects to the highest standards."
The six developments include two in Sports City, two in International City, one in Business Bay and another in Jumeirah Village Triangle.