Construction on Dubai Investments’ $125m (AED460m) Fujairah Business Centre is “progressing ahead of schedule”, it has been revealed.
China State Construction Engineering Corporation Middle East (CSCEC ME) is the project’s construction contractor, while Dewan Architects and Engineers is its consultant.
Al Taif Investment, Dubai Investments’ joint venture (JV) with Fujairah Investment Establishment (FIE) is developing the project, which will be completed by Q4 2020.
FIE is the investment arm of Fujairah Government, and holds a 40% stake in the JV.
The business centre has a total built-up area of 9.64ha, and features two 19F+1R towers, each of which will be used as an office building and a hotel.
The hotel will include 228 rooms and suites, in addition to 79 furnished apartments, expected to be “operated by a leading hotel group”.
A G+2 shopping mall and retail area, in addition to a 670-car parking space, will be developed within the business centre.
Additionally, a district cooling plant will be used to serve the project, generating “significant savings in comparison to the power consumption through conventional air-cooled chillers”.
Dubai Investments’ managing director and chief executive officer, Khalid bin Kalban, described the centre as “an iconic project” that would “capitalise on the investment potential and business opportunities” offered by Fujairah.
According to WAM, Kalban, who is also the chairman of Al Taif Investment, added: “The project will set benchmarks in urban development in the emirate and act as a growth catalyst, creating robust opportunities for commerce and entrepreneurship.”
Al Taif Investment had previously signed an $88.5m (AED325m) financing agreement with Al Hilal Bank, a UAE-based progressive Islamic Bank, for the project.