Al Taif Investment’s $113.8m project 85% complete for year-end handover
With a total built-up area of 96,400m2, the project consists of a hotel and residential tower, and an office tower
Dubai Financial Market-listed investment firm Dubai Investments has revealed that its mixed-use retail, hospitality, and residential Al Taif Business Centre project in Fujairah – developed by Al Taif Investment – is currently 85% complete with construction progressing steadily for an end of year handover.
The $113.8m (AED418m) project, with a total built-up area of 96,400m2, consists of two towers, including a hotel and residential tower with a basement, ground floor, 19 Floors, and an office tower.
The hotel and the residential tower comprises of a four-star hotel with 228 hotel rooms including 14 junior suites, operated by Marriott International, and 79 apartments, including one-, two, and three-bedroom apartments – semi-furnished with electrical appliances.
Al Taif Mall will be a G+2-level shopping mall within the development, which is equipped with a basement and a retail area, comprising of 39 retail shops and a supermarket in a core-and-shell set-up with five food outlets, two restaurants, and an outdoor terrace facility.
In addition, 12 stores will be located in the basement to be used by retail tenants as a convenient and secured storage area. The retail spaces on offer are ideally placed within the towers, offering easy accessibility and convenient shopping. The retail parking space is designed to accommodate more than 670 vehicles.
The 19-floor office tower is designed to provide office spaces in core-and-shell set-up, providing options for tailor-made offices to suit varied requirements.
Al Taif Business Centre is located approximately five minutes from Fujairah International Airport, and is in close proximity to the arteria Hamad Bin Abdulla Road, granting connectivity to other emirates as well as other parts of Fujairah.
Al Taif Investment is a joint venture between Dubai Investments and Fujairah Investment Establishment (FIE), the investment arm of the Fujairah Government.
Commenting on the construction milestone, the vice chairman and CEO of Dubai Investments, Khaled Bin Kalban, said: “The Al Taif Business Centre project is designed and developed to offer an ideal leisure and business destination in Fujairah and is carefully crafted to meet the evolving needs. With the rapidly emerging emirate seeking to diversify its economy, there is increased focus on directing the resources towards enhancing urban development, tourism, retail, and leisure to attract local and international investors.
“Developed in accordance with the emirate’s strategic vision, Al Taif Business Centre project is counted among the projects that will set a benchmark in the emirate’s planned urban development and will act as a catalyst, enhancing the emirate’s attractiveness as a fully equipped leisure and business destination.”