Apr 08 2007 |
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UAE: Dh600m Al Fanar Towers launched
ABU DHABI -- Askan Real Esate has signed an agreement with Arenco Consulting, Engineering and Designs, for the construction of the Dh600 million Al Fanar Towers project -- a multi-purpose multi-storied development in the emirate of Fujairah.The agrement was signed in Abu Dhabi yesterday by Saeed Matar bin Balila, Chairman of Askan Real Estate, and Abdullah Al Mousa, Chairman of Arenco. Revealing the details on the project, Saeed Matar bin Balila said that Al Fanar Towers, the first project of Askan Real Estate, is being set up at an investment of Dh600 million. The centrally located project with view of the sea, would cover 22,500 square metres.
"It includes a three-level shopping mall and three skyrise towers comprising 30, 25 and 20 levels respectively, which would be used for residential, commercial and hotel purposes. Baliala said that Al Fanar Towers is a starting point for the implementation of the company's projects and the company is currently studying projects in the areas of real estate and tourism.
The Chairman of Askan pointed out that the idea of diversification of the project to include a residential tower, commercial establishments and a hotel, is in line with fast progressing emirate of Fujairah where industrial and commercial activities have recently seen big boost due to the port and Fujairah Free Zone .BY A STAFF REPORTER
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