UAE real estate market to witness a demand-supply balance in 2010, says Shaikhani Group

UAE real estate market to witness a demand-supply balance in 2010, says Shaikhani Group

Company asserts commitment to go ahead with construction of all launched projects worth AED 1.34 billion

March 08, 2010

Amidst expectations that the UAE’s economy will rise by 3.2 per cent in 2010, Shaikhani Group, a multibillion dollar international business conglomerate with interests in real estate development, trading, manufacturing and IT, has predicted that the country’s real estate market is poised for demand-supply balance this year. A representative from the company referred to recent data released by Proleads and added that despite the cancellation of 566 projects in the UAE, a total of 806 properties currently under construction are expected to be delivered soon, and this will help attain stability in the property sector. Amidst all this, the Group is assuring its investors of its commitment to go ahead with construction of all its launched projects, which have a collective value of AED 1.34 billion.

With transparency as its utmost priority, Shaikhani Group has reported that construction on its ‘Champions Towers I’ (CTI), ‘Champions Towers II’ (CT II) and ‘Champions Towers III’ (CT III) projects is witnessing continuous progress. The leading property developer reported that it has already 14 levels of CTI, 8 out of 13 floors and 7 out of 15 floors for CT II and CT III respectively. Furthermore, it has also completed nine out of the ten levels within ‘Cambridge Business Centre’ (CBC) project, its inaugural commercial venture located in Dubai Silicon Oasis. The company also previously announced that it is fast-tracking the construction of ‘Gardenia I & II’ and ‘Frankfurt Sports Tower I’, and has awarded various important contracts to a number of top contractors.

”Amidst the challenges of the current crisis, it is important to take a step back and a closer look at the big picture, identify the opportunities to make out the best route towards recovery,” said Abu Baker Shaikhani, Chairman, Shaikhani Group. “We are confident that the Dubai Government is taking all the necessary efforts to drive back the real estate sector to its level in the past couple of years, and we are continuing our efforts to complete our projects within their specified timeframe, in line with our commitment to our investors.”

As part of its rebranding initiative, Shaikhani Group has unveiled its flagship subsidiary company – Shaikhani Developments, which offers a range of services within real estate development, construction and project management, including residential, commercial, and mixed use projects within the UAE. Fully-equipped to build high-rise structures, mixed-use developments, residential projects, manufacturing units, hotels, retail facilities and other commercial projects, the newly launched development arm also offers an extensive portfolio of services, which covers all aspects of construction and building from start to handover.

“Our recent rebranding reverberates our renewed strategy for growth, which now involves a more proactive approach to building processes, creating partnerships and providing services while remaining focused on timely delivery and topnotch quality. We are confident the coming year will be better for investors, us as an organisation and the property industry in general,” concluded Shaikhani.

About Shaikhani Group:
The Shaikhani Group has delivered over 30,000 units across the globe, and currently maintains presence within 90 countries spread across Asia, Africa, Middle East and Europe. With over three decades of experience in delivering unique offerings and services to its global customers, the Group boasts of extensive expertise in the real estate market, construction, manufacturing, trading and IT sectors. In addition to its successful business, 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 19 years in support of the Rabia Charitable Foundation and the Rabia Relief Fund.