| 14 May 2007 |
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Ishraqah partners with Zahran Group to launch 'The Onyx'
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AED 1.8 billion corporate destination to feature three towers with hotel, office and retail space
Zahran GroupZahran Group
, a Saudi-based industrial investment conglomerate, in partnership with IshraqahIshraqah, a pioneering real estate development and investment company, has announced the launch of 'The Onyx', an AED 1.8 billion mixed-use corporate destination, during a press conference held today (Monday, May 14, 2007) at the Burj Al Arab in Dubai. "The project will offer investors the first freehold corporate opportunity available in the area on Sheikh Zayed Road next to Emaar Business Park, and will exemplify an open-design concept with views of The Palm Jumeirah and the Emirates Golf Course. On completion in early 2010, The Onyx will feature three modern towers in an integrated environment with a business hotel, office spaces, dining outlets and retail facilities," said Hesham El Far, Managing Director, IshraqahIshraqah.
Commenting on the launch, Ibrahim A. Al-Asseri, Vice President, Zahran GroupZahran Group, said, "The large investment allocated to this project underscores our belief that Dubai's emergence as a corporate powerhouse must be supported by developments such as The Onyx, which create the optimum environment for busy executives. The project's strategic location and spectacular views will appeal to the most discerning investor who desires to be located in the ultimate business destination and one of Dubai's new landmarks."
A complete corporate community is earmarked for construction, incorporating one 25-storey office tower and another 16-storey office tower, in addition to a 14-storey business hotel with 200 rooms and 10 suites. Guests and businessmen can enjoy state-of-the-art amenities including swimming pools, health clubs, a beauty spa, an oxygen bar, business centres, meeting and conference rooms, cigar lounges, a day care centre, high end retail outlets and fine dining restaurants. The project also features optimum parking ratio, space efficiency and a total of 35 high speed elevators.
To link the three towers, an interconnected podium area is also being constructed, in addition to a modern rooftop terrace, a skylight and complementary landscaping.
"In association with our partners Zahran GroupZahran Group, we are committed to developing a comfortable, flexible and efficient atmosphere in an attractive destination at the heart of Dubai's burgeoning corporate hub. The Onyx will be a testament to our belief in helping individuals and organisations achieve success through creating surroundings that foster creativity and excellence," commented Sheikh Sultan Bin Khaled Bin Mahfouz, Board Member, IshraqahIshraqah.
"We are very pleased with the direction of our partnership with Zahran GroupZahran Group
in the Onyx project and are looking forward to bolster our strategic relations through other future initiatives. With the combined expertise and international network of the two companies, working on this project has been a very satisfying experience," added Mahfouz.Construction will commence soon on the 2,220,000-square feet project, which is located on Sheikh Zayed Road, next to the Emaar Business Park. The handover date has been scheduled for early 2010.
IshraqahIshraqah is a premier owner, seller, developer and investor of real estate throughout the Middle East and is currently involved in developments in the UAE, Saudi Arabia, Morocco, Egypt and Pakistan. The Saudi-owned company has recently announced that it intends to invest AED 6 billion within the next two years in real estate projects throughout the region.
The Zahran GroupZahran Group is a premier industrial, operations and maintenance group, currently ranked among the top 100 companies in Saudi Arabia. With more than 20,000 employees, the Group specialises in operations and maintenance, construction and contracting, trading, real estate development, energy and financial investment.
© Press Release 2007
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