Rani International, the real estate development subsidiary of the Saudi-based Aujan Group, has announced that foundation work is well underway on its AED 800 million (approx. €140 mln) joint-venture project with the Oberoi Group, one of the world's luxury hotel brands. The complex consists of two 30-story towers at the entrance to Dubai's Business Bay and is scheduled to be completed in the last quarter of 2009.
Mr P.R.S. Oberoi (l), Chairman of the Oberoi Group, and Mr Maher Aujan,
Managing Director of Rani International, with a model of the development.
Mr Maher Aujan (l), Managing Director of Rani International, and
Mr. P.R.S. Oberoi, Chairman of the Oberoi Group, on the site.
One of the towers will be a luxury Oberoi Hotel, which will be operated by the Oberoi Group. The luxury hotel will have 249 guest rooms and suites. The second building will be a commercial tower. This development will be a gateway to Business Bay, and is expected to be one of the most prestigious and recognizable complexes in Dubai.
"Working in partnership with the Oberoi Group to create these landmark towers underscores the commitment of Rani International to contribute a high end product for the hospitality sector in Dubai," said Maher Aujan, Managing Director of Rani International. He added, "We can confirm that this important project, which will provide Dubai with more than 100,000 m² of mixed-use space, is on track for the stated completion date."
Rani International has engaged 15 world class architects and designers to execute the interior and exterior design of the development. The towers will be modern and visually striking, combining form, function and a commitment to quality and innovative design.
"The Business Bay project marks a milestone for us, as this will be the first Oberoi-branded property within the UAE," said Mr. P.R.S Oberoi, Chairman of the Oberoi Group. "Dubai is renowned for having some of the most adventurous and accomplished developments in the world, and we are delighted to play a part in this exciting and dynamic city. We are especially pleased that our debut here comes in the form of this remarkable project."
The Oberoi Group plans to open five additional luxury hotels in the region, in Morocco, Egypt, Abu Dhabi and Sultanate of Oman.
Source: Property World Middle East
Gatehouse completes €115m PRS scheme (UK)