Al Barakah to launch luxury project in City of Arabia with American JV

Al Barakah, a Dubai-based real estate group has announced the launch of Al Tafany Properties through a joint venture with American real estate investors.

Al Tafany Properties aim to develop Al Tafany Tower, a US$340 million development in the City of Arabia, the company claims.

"We are pleased to announce the property development joint venture - Al Tafany Properties. We have been closely studying the opportunities from the US market and believe we have chosen the right partners. The agreement forms part of Al Barakah's ambitious vision for delivering the most sophisticated realty solutions. The strategic alliance will help us to tap the investor and buyer base in the US, as an increasing number of Americans are looking at Dubai to diversify investments and also to captilise on the lucrative profits from the booming real estate sector," said Mr Imran Khan, CEO, of Al Barakah.

Scheduled for completion in 2011, Al Tafany Towers will comprise of residential and commercial units totalling around 700,000 sq ft. Studio, one and two bedroom apartments as well as 48 penthouses will go on sale.

"Al Tafany Towers combines prime location, modern architecture and world class interiors to create a home experience that is truly unique. Our choice of City of Arabia as the location of our project stems from our belief that the development combines high-return on investment with an assurance of quality life for the end-users.

This proposition attracts both investors and end-users and will contribute to the long-term financial viability of the project. The investors and buyers will further benefit from the security of a fully operational Escrow account for the property," said Khan.

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