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Fri 1 Jun 2007 12:00 AM

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Saudi-based Zahran Group launches Dubai project

Saudi-based industrial investment conglomerate Zahran Group has launched The Onyx development in partnership with real estate and investment firm Ishraqah.

Saudi-based industrial investment conglomerate Zahran Group has launched The Onyx development in partnership with real estate and investment firm Ishraqah.

The US $490 million (AED1.8 billion) mixed-use corporate development will feature three towers: 25 and 16-storey office buildings and a 14-storey business hotel with 200 rooms and 10 suites. An interconnected podium area will link the three towers together.

In addition, the project will comprise state-of-the-art amenities including swimming pools, a beauty spa, an oxygen bar, business centres, conference rooms, cigar lounges, a daycare centre, high-end retail outlets, restaurants and a total of 35 high-speed elevators.

"The project will offer investors the first freehold corporate opportunity available in the area on Sheikh Zayed Road next to Emaar Business Park and will exemplify an open-design concept with views of Palm Jumeirah and the Emirates Golf Course on completion in early 2010," said Hesham El Far, Ishraqah managing director.

The 206,238 m2 project is located on Sheikh Zayed Road next to the Emaar Business Park. The handover date for the project has been scheduled for early 2010.

Saudi-owned Ishraqah has recently announced that it plans to invest $1.6 billion within the next two years in real estate projects throughout the region.

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