Dubai: Real estate developer Fortune Group will invest Dh4 billion to build Burj Al Alam, a freehold commercial tower which will be one of the world's tallest, in in Dubai's Business Bay.
"Tipped to be the tallest and most incredible edifice dedicated to commercial space, Burj Al Alam will reflect Dubai's growing eminence in the world of business," said Ahmad Khoury, Fortune chairman.
He told Gulf News that the group was negotiating with Dubai Islamic Bank and National Bank of Dubai to finance 70 per cent of the project.
"We prefer to deal with national banks at this stage. They know the market very well," said Khoury.
He said Fortune planned to invest in property projects in Lahore and Islamabad, Pakistan, in addition to investments in the UAE.
Ready by 2009
Fortune will start construction of Burj Al Alam The World Tower in English this year and will complete it by 2009.
Rising more than 480 metres, Burj Al Alam will house the world's highest hotel and is designed to resemble a crystal flower.
Of its 108 storeys, 74 will be dedicated to offices, and 27 will be taken up by hotels and serviced apartments. The rest will be filled by retail shops.
Burj Al Alam is the most significant initiative in the Fortune Group's proposed investment strategy, which also includes projects in Dubailand, Sharjah and international markets.
Fortune Group has so far conceptualised and developed real estate projects valued at Dh2.3 billion throughout the emirate.