Fi­nan­cial ser­vices firm to start work on new tower

Gulf News - - Region -

Shuaa Cap­i­tal said it is aim­ing to be­gin con­struc­tion of its re­cently-an­nounced $400-mil­lion (Dh1.5 bil­lion) tower by the end of this year, with res­i­den­tial sales ex­pected to be launched in the first quar­ter of 2018.

The pro­ject, which will be man­aged by Shuaa’s real es­tate divi­sion, is ex­pected to be ready for de­liv­ery in 2020, ac­cord­ing to Fawad Tariq-Khan, gen­eral man­ager at Shuaa Cap­i­tal.

Shuaa, the Dubai-listed fi­nan­cial ser­vices firm, last week an­nounced plans for a new sky­scraper on Shaikh Zayed Road near Busi­ness Bay. The prop­erty, called Dubawi, will com­prise around 500 res­i­den­tial units and 500 ho­tel rooms and ser­viced apart­ments.

Tariq-Khan said the com­pany is in talks with ho­tel op­er­a­tors and is close to fi­nal­is­ing a deal to operate the ho­tel rooms and ser­viced apart­ments.

Shuaa an­nounced the pro­ject at Ci­tyscape Global, the prop­erty ex­hi­bi­tion in Dubai. Speak­ing at the side­lines of the event, the gen­eral man­ager said Shuaa is plan­ning to con­tinue ex­pand­ing its real es­tate port­fo­lio.

“We’re strong be­liev­ers in real es­tate. It’s a big part of the econ­omy of the re­gion over here, and we’ve been suc­cess­ful in it, so the idea is to grow that. We have [three ho­tels] in Saudi Ara­bia. One of them is op­er­at­ing in Jed­dah, one has just fin­ished in Riyadh, and the one in Dam­mam will be de­liv­ered next year. We have two other real es­tate projects in Saudi Ara­bia that we’re work­ing on fi­nal­is­ing right now,” he said.

In­vest­ment man­age­ment

The new projects are ex­pected to be an­nounced over the next three to six months.

The fo­cus on real es­tate and in­vest­ment man­age­ment comes as Shuaa works on sell­ing around Dh100 mil­lion to Dh150 mil­lion in non-core as­sets in or­der to re­fo­cus on other oper­a­tions.

“We have in­vest­ment in some in­dus­trial com­pa­nies and other funds. Th­ese are the ones that we are ac­tively work­ing on di­vest­ing from right now. The idea is not to spec­u­late our cap­i­tal on long-term in­vest­ments; we’d rather fo­cus on our in­vest­ment man­age­ment busi­ness,” Tariq-Khan said.

As part of that re­fo­cus, Shuaa an­nounced in late July it en­tered into an agree­ment to ac­quire In­te­grated Cap­i­tal and In­te­grated Se­cu­ri­ties to ex­pand Shuaa’s pres­ence as a fi­nan­cial ser­vices firm. Tariq-Khan said the com­pany is cur­rently “as­sess­ing a few op­por­tu­ni­ties” with re­gards to new ac­qui­si­tions, and is open to new deals.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.