Al Barakah plans to announce projects over AED 3 billion within the next three years
Aims at establishing itself amongst the top ten private real estate companies in the UAE
To immediately pre-launch office and retail space in Sanali Towers in Downtown Dubailand being developed by Sanali Holdings from India
Ten-year interest-free payment plan for office space First time in Dubai
Dubai, UAE, 16 January, 2008: Marking its entry into UAEs high demand-driven real estate mid-segment, the real estate group, Al Barakah, today announced its plans to develop commercial and residential projects, worth over AED 3 billion within the three years. The unveiling of AED 1.3-billion Sanali Towers in Downtown Dubailand marks its first initiative as part of a series of strategically planned developments envisaged to establish Al Barakah amongst the most trusted real estate groups in the region. Having recently announced the development of a 30-storey tower in Ajman, the group will be announcing its first project in Dubai as a developer in February 2008.
Hailing the establishment of regulatory laws in Dubai, Mr. Imran Khan, CEO, Al Barakah Group, said: Under the inspiring leadership of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, the Government of Dubai has set the standards and the guidelines for the regional real estate industry. The regulatory laws will further galvanise the realty boom in the region, as these laws provide a level playing field to developers committed to quality and timely delivery while providing buyers maximum security for their investment through trust accounts. Due to a higher level of investor confidence resulting from these laws, we are already seeing increased sales activity for projects with established trust accounts and we foresee greater inflow of investments from around the world, particularly from institutional investors.
As a company committed to the traditional values of fairness, quality and transparency, we believe we have entered the market at the right time. We aim to establish the Al Barakah Group amongst the top ten real estate companies in the region, through our core corporate philosophy of Building Trust through Transparency.
Al Barakah will focus on establishing long-term associations with property investors and buyers through transparent dealings to make them fully aware of the various aspects of property ownership. With hundreds of sales affiliates spread across 30 countries, the companys sales channel facilitates property investors re-sale options with clearly defined exit strategies, enabling attractive profits from re-sale at the best time that suits the investor.
The company has acquired several plots of land in Downtown Jebel Ali, Dubailand and Ajman, with built-up area in excess of three million sq. ft. Commenting on the strength of the Al Barakah, Mr Khan said: As a company we combine over two decades of international experience in real estate markets, in addition to over a decade of local experience. But what distinguishes us, is our incisive financial intelligence gained during crests and troughs of the international real estate markets that has helped us to forecast, strategize and maximize our position in the UAE real estate sector. A strong presence in all the segments of the real estate value chain including investment, developing and marketing enables us to secure greater value for money for our customers.
Al Barakah intends to capitalize on the wide gap between the demand and supply in the lower and mid-segments which is expected to continue for at least the next five to seven years and this widening gap makes these segments very attractive for buyers.
Al Barakah unveils AED 1.3-billion Sanali Towers
Al Barakah Investments today unveiled the AED1.3-billion Sanali Towers, comprising three 30-storey towers, with over one million sq. ft. of office and retail space - facing prestigious developments of Al Barari and Living Legends - located in Majan-Mizin. Developed by a well-reputed Indian developer, Sanali Holdings, the project has been bought by Al Barakah Investments and will be marketed by Inside Track Real Estate Brokers LLC. The construction will commence shortly and be completed by December 2009.
Each of the towers, will comprise retail spaces on the ground and mezzanine floors plus 28 floors of office spaces with health club facilities on the 29th floor. The modern offices with state-of-the-art facilities will have a spacious four-tier underground car park.
Commenting on the outstanding investment opportunity of Sanali Towers, Mr Khan said: We are delighted to enter Dubais booming real estate market with Sanali Towers, which offers over one million sq.ft. of premium office and retail space at the most competitive prices with interest-free payment terms over 10 years. This has to be the best investment opportunity in Dubai today.
Office space in Sanali Towers has a starting price of AED 1,250 per square feet. A very attractive discount of 10 per cent is offered for the pre-launch sales from 20-22 January, 2008 at the World Trade Centre. Significantly, Al Barakah itself plans to move its corporate headquarters to Sanali Towers.
Interest-free 10-year Finance FacilityFirst Time Ever
In a significant departure from existing trends, Al Barakah is offering office buyers in Sanali Towers, interest-free payment terms over 10 years. Everyone will be able to qualify, without the need for any credit checks. This is the first time that a ten-year interest-free plan has been offered in Dubai, particularly for commercial property.
-Ends-
About Al Barakah
Founded in 2007, Al Barakah Investments is a diversified real estate investment group with the corporate philosophy earning trust through transparency. The company remains committed to the traditional values of fairness, quality and transparency in every aspect of dealings with investors and customers including contract formulation. It aspires to be amongst the top ten real estate companies in the UAE within the next ten years.
The companys board comprises five directors, all professionals with rich experience in real estate and other business sectors. Their first venture in the UAE was a real estate brokerage company, Inside Track Real Estate Brokers LLC. Late in 2007, the partners launched Al Barakah Investments, focusing on the fast-growing mid-segment of Dubais real estate market.
Al Barakah Investments enjoys the distinction of dealing with every sphere of real estate activity, including marketing, development and investments. Additionally, it believes in establishing long-term associations with property buyers through transparent dealings, by making them fully aware of the various aspects of property ownership. The group has hundreds of sales affiliates spread across 30 countries.
Contact Details
Shazia Kamili
Senior Account Manager
Percept Profile Gulf
PO Box: 74245
Dubai UAE
Tel: 04 3446373
Fax: 04 3429158
Mob: 050-7264392
Press Release 2008
