Sunday, August 23, 2009

45 per cent of projects planned in the Gulf currently under construction in UAE

45 per cent of projects planned in the Gulf currently under construction in UAE

Dubai-based developer Memon Investments reiterates support to UAE’s construction leadership

August 23, 2009

Forty-five per cent of projects planned in the Gulf, which have a total value of USD 930 billion, are currently under construction in the UAE, according to recently published reports, thereby asserting the country’s leading position in terms of developments and project activity in the region. Forming part of the massive bulk of construction projects in the UAE is the AED 1.34 billion project portfolio of Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies. Among the projects under this billion-dirham portfolio are high profile developments within the UAE’s most sought-after communities, including luxury residential projects 'Champions Towers' series, 'Gardenia I & II’, and ‘Frankfurt Sports Tower I’; as well as its inaugural commercial tower - 'Cambridge Business Centre' (CBC).

The study further revealed that despite the economic slowdown, the value of property construction is four times higher than what had been estimated in June 2005 and represents an annual growth rate of nearly 50 per cent. In addition, some 81 per cent of the UAE projects are in the construction sector, which indicate that the country has overtaken all GCC states in terms of total value of projects. Amidst ongoing prospects within the construction industry, which is witnessing early signs of recovery, Memon Investments is committed to the ongoing construction of its projects, encouraged by the relatively lower costs of construction, in an attempt to ensure timely delivery and customer satisfaction.

“The strong standing of the UAE in the construction market is an indicator of the capacity of developers of locally-based projects to proceed with the construction of launched projects amidst the challenges presented by the economic slump,” said Ahmed Shaikhani, Managing Director, Memon Investments. “As one of the leading players in the Dubai property market, we leverage our extensive industry expertise and strong financial backing, thereby enabling us to proceed with unhindered construction works on our flagship projects.”

Construction on the four towers under the ‘Champions Tower’ (CT) banner are progressing at an impressive pace, with various important contracts already been awarded to a number of top contractors, including leading MEP companies as well as companies that specialise in elevator and air-conditioner installation. Moreover, construction of eight of the 10 floors within CBC has been completed, with initial steps already being made in preparation for the scheduled handover of the project to investors by the fourth quarter of 2009. The company also previously announced that it is fast-tracking the construction of ‘Gardenia I & II’ and ‘Frankfurt Sports Tower I’, in line with aims to hits their respective delivery deadlines.

“The outstanding progress we have recorded across all our projects is the result of our strong collaboration with industry-leading partners, and our own initiative to expand our core competencies. Now, despite the challenges of the current economic slump, we are looking forward to the completion and handover of all our projects, as we gear up to take on more challenging developments that will satisfy the demands of our highly-discerning clientele,” concluded Shaikhani.

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