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Sat 28 Feb 2009 04:00 AM

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Good news for industry as developers near handover

Mina Al Fajer Real Estate, developer of the Mina Al Fajer Resort in Fujairah, hopes to turn the emirate into “the next boom area in the UAE.”

Mina Al Fajer Real Estate, developer of the Mina Al Fajer Resort in Fujairah, hopes to turn the emirate into “the next boom area in the UAE.”

The firm, which is in charge of Fujairah's first mega-project, said that it hopes to "pave the way for a tourism boom in the area," which is already a popular weekend destination for tourists.

"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," Mina Al Fajer Real Estate CEO Hussein Fakih said.

The comments came as the firm said the first units of the US $217 million (AED800 million) development was on schedule for delivery in the fourth quarter of this year.

Much of the development has been unaffected by the financial crisis as the majority units were sold prior to the 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," Fakih said.

According to Fakih, the marina section of the project has already been completed and work on a further two sections - the solarium and mountain villas - is progressing as planned.

The next priority for the developer will be the completion of a five-star hotel on which construction has already started.

Meanwhile, in further positive news for the industry, Dubai-based developer Deyaar has announced it is on course to hand over seven of its projects this year.

The projects, all based in Dubai, include The Citadel and Hamilton Residency, both in Business Bay; Madison Residency in Tecom; and Coral Residence, Jade Residence, Sapphire Residence, and Ruby Residence, all in Dubai Silicon Oasis.

"We are extremely pleased to be able to hand over these quality projects this year," said Deyaar chief executive Markus Giebel.

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