Ishraqah and Saudi firm tie up for Dubai project

Dubai: Dubai-based property developer and investment company Ishraqah has partnered with a Saudi Arabian firm to launch a Dh1.8 billion real estate project in Dubai.

The Onyx project on Shaikh Zayed Road includes two office towers and a business hotel built on a podium of retail space.

The announcement by Ishraqah, a Saudi-owned company, and Zahran Group, an industrial investment conglomerate, is further evidence of the current focus on plugging the supply gap for commercial space, following years of luxury residential development in Dubai.

Last week Emaar launched the twin-tower Boulevard Plaza commercial project in the company's Downtown Burj Dubai development - the site of what will become the world's tallest tower.

Now that Dubai's legal property ownership framework is clearer, analysts say prominent global institutional investors are more likely to enter the commercial real estate market.

"The large investment allocated to this project underscores our belief that Dubai's emergence as a corporate powerhouse must be supported by developments such as The Onyx, said Ebrahim A Al Asseri, vice president, Zahran Group.

Location

The freehold project will be located next to Emaar Business Park and is scheduled for completion in early 2010. It includes a 25-storey office tower and another 16-storey office tower, in addition to a 14-storey business hotel with 200 rooms and 10 suites.

Other facilities include swimming pools, health clubs, a beauty spa, business centres, conference rooms, a day care centre, retail outlets and restaurants.