Al Fajer Properties Awards AED 1.2 Billion Project

Al Fajer Properties Awards AED 1.2 Billion Project

Al Fajer Properties (AFP) has awarded the contract for phase 2 of its Jumeirah Business Center (JBC) Project within the Jumeirah Lakes Towers (JLT) project to Al Ahmadiah Contracting & Trading LLC. Phase 2 consists of Towers JBC 6 as well as the Ebony and Ivory Towers. The awarding of the contract, inked on April 9, 2009 comes as yet another notch in its belt of achievements for AFP’s new management team, since the completion of its AED 3.2 Billion restructuring announced in February this year.

Ensuring compliance to Dubai’s green building code and JAFZA regulations, a green consultant was appointed in early January of this year to the project. The President of Al Fajer Properties, His Highness Sheikh Maktoum was quoted as saying, “We are happy that we are in our final stages of concluding the green design features mandated by JAFZA, which will be beneficial to the environment and will also translate into a reduction in operating costs to our end users.”

Commenting on securing the contract, S.K Joshi, CEO of Al Ahmadiah Contracting said, “We are delighted to have won the contract for Phase 2. With the experience gained from phase 1, we are confident that the pace of our construction will proceed in record time, as our construction team is already familiar with this design. We are expecting to reach the 10^th floor early next year as all shoring and piling works have already been completed on these plots.” Construction mobilization on the second phase is set to commence immediately as green design building approvals are currently in the final stages.

“Our announcement today shows our belief in the long term growth of Dubai and the UAE coupled with the strength of the economy on a fundamental level. With the completion of major infrastructure projects slated to come online within the next 6-12 months we are confident that the intrinsic value created by these projects will soon begin to materialize, not only increasing the standard of living and quality of life here, but crystallizing the overall value created over the last 8 years of Dubai’s unprecedented growth,” said His Highness Sheikh Maktoum.

AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a 5-floor atrium within the lobbies of its towers. Its 9 towers, situated within a free- zone, once completed will offer high-end commercial properties attracting both large local companies and multi-national organizations from around the world. The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totaling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across all 9 towers.

Notes to editors:

Al Fajer Properties LLC

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

Al Ahmadiah Contracting and Trading LLC

A leading national contracting firm with over 35 years of widespread experience across UAE. Al Ahmadiah Contracting & Trading currently has a team of over 7000 employees comprising of qualified and highly professional Engineers, Architects, Draftsmen in the construction industry. Armed with its own ancillary divisions for electro-mechanical, plumbing installations, wooden joinery workshops and concrete block making units. The various types of construction include palace complexes, multi-storey buildings, military facilities, medical facilities, commercial projects, communication facilities, industrial projects, luxury villa complexes, school projects marine & off-shore projects, religious facilities, shopping malls and amusement parks.

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