Monday, Jul 24, 2017

Dubai

Tecom Group, a company under Dubai Holding, announced on Monday it has been appointed to develop and operate the recently announced Emirates Towers Business Park.

The group also announced the appointment of Fareed Abdul Rahman Al Janahi as chief executive officer of the development.

In a statement, Tecom Group said it will develop the project in collaboration with the Dubai International Financial Centre (DIFC), which will provide a legislative environment. The new business hub will offer a range of office space, and will include three five-star hotels, retail space, and an arena for events.

The Dh5 billion tower complex was launched in early July by Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The project is expected to be completed in four years.

“The launch of the project comes at an opportunistic time when the real estate market in Dubai is witnessing a clear growth in demand for premium commercial and office space. Reports indicate that this growth will continue to increase in the following years,” Dr Amina Al Rustamani, chief executive officer at Tecom Group, said in a statement.

She added that the growing demand for premium business space was evidence that Dubai remains a preferred destination for international and regional companies to set up.

“Premium commercial space accounts for 20 per cent of the total business space currently available in Dubai, with an occupancy rate of 92 per cent,” Al Rustamani said.

Tecom Group said it appointed Al Janahi as CEO of the development because of his experience and knowledge in corporate and commercial affairs of business parks and the property sector. He also has an active role in attracting and maintaining local and international companies across Tecom Group.

Al Janahi has been a member of Tecom Group since 2000, and serves as chief commercial officer and acting chief operating officer.

Staff Report

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