Market slowdown has little impact on Fujairah's premiere resort development

Dubai, UAE, February 11, 2009; Mina Al Fajer Real Estate CEO, Mr. Hussein Fakih, has revealed that construction on the company's AED 800 million Mina Al Fajer Resort in Fujairah is progressing well, with the first unit deliveries on-schedule for the fourth quarter of 2009.

The announcement comes at a time when many projects across the UAE have either been put on hold or completely cancelled but Mr. Fakih has confirmed that the Mina Al Fajer Resort development has been largely unaffected as the majority of units were sold prior to the current downturn.

"We have solid financial backing and as many of our investors purchased units for end-use or as mid to long-term investments, we have not had any significant issues with over-leveraged speculators defaulting on their purchases," he said, "While many projects similar in scope were forced to slow down, construction on our site has not broken pace and is progressing smoothly, the marina has already been completed, and progress on the apartments as well as the solarium and mountain villas has been swift,"

Indeed, construction is on pace across the entire development. The apartment blocks have already risen to three floors and it will only be a short time before the resort's exquisite villas are completed.  The next priority for the developer will be the completion of the five star hotel which will be managed by Fairmont Hotels for which construction has already started.

Savvy investors who diversified their portfolio by investing into the Mina Al Fajer resort have by now realized they made the right decision, as the development offers a sustainable mid to long term investment, which has always been an attractive proposition for end-users and those looking for a holiday home.

As the first mega project in the blossoming Emirate of Fujairah, the Mina Al Fajer Resort is expected not only to set the standard for future developments, but also pave the way for a tourism boom in the area, which is a highly popular weekend destination.

In addition, Fakih noted that Fujairah may well benefit from an upsurge in domestic visitors who are cutting down on expensive international travel, preferring to spend short vacations closer to home, "Since 1997, when the emirate established the Fujairah Tourism Board, much has been accomplished to make the city an alternative leisure destination for tourists by offering various adventure opportunities, Dibba being the best example," he continued.

Fujairah's first and largest property development to date, Mina Al Fajer Resort has captured the eye of many, putting the spotlight on Fujairah as the next boom area in the UAE. Once completed, Mina Al Fajer will feature a superb sea-front community that will include a marina, 48 mountain villas, 13 solarium villas, and 80 marina apartments, in addition, a five-star hotel will be managed by Fairmont Hotels and Resorts. With nature providing a dramatic backdrop to an upscale and exclusive resort, Mina Al Fajer promises contemporary, luxurious living experience. 

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For further information please contact:
Farah Ibrahim
TRACCS Public Relations
Public Relations for the Middle East
Phone: + 971 4 367 2530
Fax: + 971 4 367 2531
E-mail: farah.ibrahim@traccs.net
Website: www.traccs.net

© Press Release 2009