Al Taif Investment on Tuesday said it has started work on its Fujairah Business Centre project, to be built at a cost of AED400 million ($108 million).
The joint venture between Dubai Investments and Fujairah Investment Establishment (FIE), the investment arm of Fujairah Government, is building two towers spread across a total built-up area of 80,058 square metres.
These include a 19-level office tower and 19-level Courtyard by Marriott hotel with 228 rooms and apartment units, a statement said.
The tower will encompass a shopping mall and prime retail area spread across a built-up area of 15,616 square metres, coupled with parking space to accommodate over 800 vehicles.
Located in Fujairah town centre, the Fujairah Business Centre overlooks the Grand Mosque and will be completed in three years.
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Khalid Bin Kalban, managing director and CEO of Dubai Investments and chairman of Al Taif Investment, said: "The Fujairah Business Centre project by Al Taif Investment sets new benchmarks in urban development in Fujairah and acts as a catalyst for growth by creating robust opportunities for commerce and entrepreneurship.
"Through this iconic project, we are seeking to capitalise on the investment potential and exploit the diverse business opportunities that Fujairah offers."
Kalban added: "We are creating a vibrant destination that will not only address their lifestyle needs of modern retail, entertainment and hospitality, but also connect them to their Arab heritage through its attractions."
Plans for all the key components have been finalised and the drawings and financing modalities are complete.
Al Taif Investment, launched in 2007, invests in real estate and industry ventures. DI owns a 60 percent stake while the remaining 40 percent is held by FIE.
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