Rainbow Towers changes colour
US $136 million residential project in Umm Al Quwain will be turned into a commercial build to attract high-tech firms.
UK-based project management and investment company, FuGen, has announced its intention to remodel a US $136 million (AED500 million) residential project in Umm Al Quwain into a commercial one in order to attract high-tech companies looking to locate to the emirate.
The client is TAKtical International Company.
The decision follows a meeting held last week where investors voted to transform Rainbow Towers.
"FuGen believes that both Umm Al Quwain and Ras Al Khaimah will attract high-tech companies that will require the appropriate infrastructure and housing support to attract the required professional man power," said Joni Sukumaran, CEO, FuGen.
"Our directors have opened discussions with technology companies both in Seattle and Bangalore to understand their latest requirements to facilitate for a technology-oriented society to grow and flourish in the area."
The architectural concept and design company working on the towers is Eronat Engineering Consultancy, while Bumimetro is the company tasked with the construction of the project.
"Over the past months and through a series of intense marketing activities, which included local, regional and international road shows, we isolated a gap in the market that we believe will add more value to the project and hence our investors," said Zaima Khan, managing partner of TAKtical Realty Group.
"The decision to style the project, both in terms of the infrastructural and community aspects, towards high-tech companies and their specific requirements is unique to the area and will attract business to Umm Al Quwain."
The project is located on Al Ittihad Road within minutes of Hamriyah Port and Nujoom Islands in Sharjah.
The move comes at a time when the UAE is experiencing a strong demand for commercial office space.