- Leading Saudi-based business conglomerate acquires Living and Trade Legends components of Legends project.
- To encompass 500 luxury villas, 12 residential and 2 commercial towers, and 4 apartment hotels.
Dubai, UAE - Marking a milestone phase in the development of the US$3.8 billion Legends integrated theme park project in Dubailand, the leading Saudi Arabia based business entity, Tanmiyat Investment Group (Tanmiyat) announced that it has acquired the full residential and commercial components of the development at an investment of US$ 2 billion.
Living Legends and Trade Legends are two of the six salient components of the Legends project in Dubailand, and will encompass an array of luxury villas and apartments which will be sold both at the retail level and as land parcels to developers.
Addressing a joint press conference jointly organised by Gulf Finance House B.S.C. (GFH), the driving spirit behind the Legends project and Tanmiyat, in Dubai today, Mr. Esam Janahi, Chief Executive Officer (CEO), Gulf Finance House, said: "The Dubailand project is a path-breaking development that, upon completion, is expected to attract almost 15 million tourists a year."
Mr. Janahi further said that the Legends project was spread over 24.7 million square feet in Dubailand, and would be an incredibly unique entertainment project that blends technical ingenuity with the thrills of fantasy.
"The Legends project is the first-of-its-kind integrated resort-cum-theme park development in the Middle East, combining entertainment, leisure, retail, residential facilities as well as commercial property under one canopy, while recreating the magic of Arabian mystic in all its hues."
At the core of the Legends project are three world-class theme parks, which together will constitute one of the largest, climate-controlled theme parks in the world. The three theme parks at Legends-Dubailand are Legends of Arabia, Legends of Nature and Legends of the World - all of which are inspired by the magic of mythology, natural wonders, and sensational places on the planet.
Mr. Janahi said that the work on the final design of the theme park component of the development has already commenced and that full-scale construction is expected to be started shortly. "This aspect of Legends will be developed by the Legends project company."
"The sale of the residential and commercial components of the Legends development to the Tanmiyat Investment Group represents a significant milestone in the progress of the project. Gauging from the high level of enthusiasm that the project has already generated, we are confident that investors will find this exclusive residential and commercial community, 30 minutes away from the centre of the city of Dubai, an attractive investment avenue, Mr. Janahi said.
Mr. Janahi further said: "The Tanmiyat Group is already part of the Legends project platform and has, as a strategic investor, underwritten 40 per cent of the US$302 million private placement floatation for the first phase of the project.
"We are excited at extending the scope of this relationship and are confident that Tanmiyat's finely-honed knowledge of the local, regional and global markets, coupled with their experience in the marketing of substantial real-estate projects in Saudi Arabia and UAE, will contribute to the success of Living & Trade Legends. This will in turn provide a huge impetus to the overall development of the Legends project."
Elaborating on the Living Legends residential community, Mr. Sulayman A. Al-Majed, Chairman, Tanmiyat said: "We are delighted to expand our association with the Legends development through this exclusive mandate for Living Legends. We are indeed confident that the differentiating factors of Living Legends - a first-of-its-kind community, comprising of over 2,300 residential units including luxury villas and apartments, in the heart of a theme park development - will be a big draw among investors."
Mr. Sulayman further said that Tanmiyat has launched an aggressive marketing campaign for Living Legends across the region. "In fact Tanmiyat's participation in the Cityscape exhibition commencing in Dubai next week is focused entirely on creating awareness about the Legends project in general and Living & Trade Legends in particular. We expect this development to be completed in a period of two years."
Apart from the 12 residential towers, Living & Trade Legends will comprise 2 commercial towers and 4 apartment hotels. Sales are open for both retail units as well as land parcels. The retail units will be sold at an average rate of AED700 per square feet of built-up area.
Headquartered in Riyadh, Tanmiyat is in the forefront of identifying unique real-estate investment opportunities across the region. The company is dedicated to the development of real-estate according to structured investment plans and raising the levels of land survey through cultural standards and using the best planning criteria approved both locally and internationally for basic structure services in the dwelling districts.
Living Legends will comprise of a total of 500 villas, 50 of which will be of a super-luxury nature. Of the remainder, 300 will be three-bedroom and 150 two-bed room villas. The apartments in the towers will comprise studios, penthouses and two and three-bedroom units.
"The villas will encircle the nine-hole golf course of the Legends project while the 12 towers which together will offer about 1,800 luxury residential apartments will line the periphery of the Legends development, offering a combination of studio, penthouses, two and three-bedroom apartments," Mr. Sulayman said.
-Ends-
Gulf Finance House B.S.C
Established six years ago, Gulf Finance House B.S.C (GFH) has rapidly earned a reputation as a leading-edge player in Islamic banking. GFH has a paid-up capital of close to US$150 million and authorized capital of US$300 million. It is committed to the Islamic Shari'a philosophy of wealth management and this directs its innovation and shapes the structure of its investment products.
GFH is dedicated to providing clients with carefully selected investment opportunities that balance risk with reward. It leads the drive to establish an Islamic investment banking industry that dovetails with regional development. Consequently, GFH has since inception striven to offer investment opportunities in the countries where it operates so as to further their economic and social development. It aims to capitalize on the increasing willingness of Islamic investors to back local and regional business projects and opportunities and to take advantage of the wave of reforms initiated by GCC governments to diversify and liberalize their economies.
This is balanced by enabling clients to diversify risk by offering them investment opportunities outside the region. This philosophy is reflected in GFH's investment portfolio that includes major projects such as US$1.3 billion Bahrain Financial Harbour, US$750 million Al Areen development, US$3.8 billion Legends in Dubailand and the US$1 billion Royal Metropolis in the Kingdom of Jordan. GFH's investments also include Solidarity -Takaful life assurance, annuity savings, and short-term insurance; Bahrain's Royal University for Women and menaJet - budget airline for the region.
Tanmiyat Investment Group
The Saudi-Arabia based Tanmiyat Investment Group is in the forefront of identifying unique real-estate investment opportunities across the region. The company is dedicated to the development of real-estate work according to structured investment plans and raising the levels of land survey through cultural standards and using the best planning criteria approved both locally and internationally for basic structure services in the dwelling districts.
For further information please contact:
Jayakrishnan B
Percept Profile Gulf
Dubai
UAE
Tel: 9714 3446373
Fax: 9714 3429158
E-mail: info@perceptprofilegulf.com
Eyad Mohammed
Percept Profile Gulf
Dubai
UAE
Tel: 9714 3446373
Fax: 9714 3429158
E-mail: info@perceptprofilegulf.com
© Press Release 2005
