Dubai Sports City:Memon Investments breaks ground on ‘Champions Tower IV’ and ‘Frankfurt Sports Tower I’

Memon Investments breaks ground on ‘Champions Tower IV’ and ‘Frankfurt Sports Tower I’

Stromek Emirates Foundation bags AED 3.8 million shoring and excavation contracts for the two towers

January 25, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has broken ground on two of its latest projects located in Dubai Sports City - ‘Champions Tower IV’ (CT IV) and ‘Frankfurt Sports Tower I’ (FST I), which are collectively valued at AED 788 million. The foundation works on the two high profile projects will be undertaken by Stromek Emirates Foundation (SEF), a subsidiary of M`sharie - the private equity arm of Dubai Investments, which has been awarded two separate contracts worth AED 1.8 million for CT IV and AED 1.9 million for FST I.

Present at the groundbreaking were top company officials, including Ahmed Shaikhani, Managing Director, and Rizwan Shaikhani, Joint Managing Director from Memon Investments; Abdulhamid Mohd. Ali Mhoma, Managing Director, Al Hatmy Engineering & Consultancy; Mohammed Shariff, Project Manager - Master Planning, and Allan Hunter, Constructions Operation Manager from Dubai Sports City; and Eng. Ahmed Al Adl, General Manager, Stromek Emirates Foundation.

The contracts awarded to SEF underline the company’s strong partnership with Memon Investments, who had earlier entrusted the contractor to undertake the initial ground work for two of its previous projects, namely ‘Champions Tower II’ and ‘Champions Tower III’. Furthermore, the groundbreaking of the towers has followed the successful launch of both towers only a few months ago. The company is focused towards hitting the deadline set for the projects’ excavation, shoring and foundation works, in line with the developer’s commitment to its investors for the timely delivery of both the luxury residential towers.

“As an organisation that recognises the importance of partnering with the industry’s best contractors as vital to our success as a developer, we have made a decision to once again commission Stromek Emirates Foundation for these initial ground works,” said Rizwan Shaikhani. “We have earned the trust of our loyal customers through the high quality of our project offerings, and we have successfully done so through our strategic partnerships. We are confident that they will deliver the quality of work that we expect, which is the foundation of another world-class project from Memon Investments.”

The AED 450 million ‘Champions Tower IV’ is a 20-storey tower, which will offer 114 studios, 113 one-bedroom and 19 two-bedroom apartments. The exclusive freehold residential development, which has been designed by Eng. Adnan Saffarini Office, will offer tenants views of the golf course, garden and canal, a state-of-the-art surveillance and intercom system, 24-hour manned security and in-house maintenance, and other luxurious amenities. Set to provide world-class luxury living, the AED 338 million ‘Frankfurt Sports Tower I’ has been designed by Al Hatmy Engineering & Consultancy to emanate a German-inspired ambience. The tower, which was launched by the developer in partnership with Sumsum Developers, will comprise of 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 177,378 sq. ft., and will feature two levels of basement parking and covered parking on the ground floor and the convenience of state-of-the-art amenities.

“Our commitment towards the timely completion of this project has led us to partner with a leading contractor such as SEF, and we are proud to be proceeding with a fast pace within the construction process merely months after the launch of this project. Having awarded the first of the important contracts for FST I, we are now focused on ensuring that the rest of the construction phases will be entrusted to credible contractors with sufficient experience and expertise, which will guarantee that the high quality standards we have set for this project will be met,” said Asif Sumsum, Managing Director, Sumsum Developers.

“We are truly honoured to be given the opportunity to collaborate with Memon Investments for these two new exciting projects. The challenge in undertaking this particular developer’s projects has always been the stringent quality benchmarks, which they have set for their themed projects, and having secured these two new contracts is indicative of their high regard for the quality of the work we do. We are very confident that this new partnership will have outstanding results, and we are looking forward to completing the ground works for these two undoubtedly remarkable projects,” concluded Eng. Ahmed Al Adl.

Memon Investments has launched a total of five projects in Dubai Sports City, including four towers within the ‘Champions Tower’ series and ‘Frankfurt Sports Tower I’. In addition to SEF, the developer has partnered with other leading companies in the UAE, some of which include Majed Hilal Contracting, Al Sarh Contracting and Cairo Contracting Company for the primary construction contracts for the Champions Towers I, II and III, respectively. Additionally, the developer has revealed its plans to leverage the outstanding opportunities within Dubai Sports City through the launch of more projects within the massive themed community development. The 50 million square feet sports-centric community development, which will be home to a number of premier sports arenas, religious, educational and healthcare facilities, upscale restaurants and cafés, and retail outlets, is projected to be completed by the year 2010.

About Memon Investments LLC
Founded in 2007 as the property development arm of the international business conglomerate, the Memon Group of Companies, Memon Investments has grown to become a leading property player in the region offering a diversified portfolio of premium property projects. Guided by a tradition of excellence, the developer’s intense focus lies within its core competencies, specifically acquisition, design and development, consultancy, leasing and management of properties. Leveraging the Memon Group’s extensive real estate development experience, Memon Investments’ UAE portfolio comprises of prestigious residential projects including Champions Towers I, II, III, and IV and Frankfurt Sports Tower I in Dubai Sports City, Gardenia I & II in Jumeirah Village South, and its inaugural commercial venture, the Cambridge Business Centre in Dubai Silicon Oasis, all of which embody the developer’s trademark top-notch quality and uniqueness.

Having delivered over 30,000 units across the globe with a presence in 90 countries spread across Asia, Africa, Middle East and Europe, the Memon Group of Companies is presently commemorating its 30th year of delivering unique offerings and services to its global customers. In addition to its extensive expertise in the real estate market, the Group has also built a strong reputation for its unwavering support for various causes such as poverty alleviation, environmental conservation and academic development. As a socially-aware international corporation, the Group has devoted 18 years in support of the Rabia Charitable Foundation and the Rabia Relief Fund.