Rani International invests AED 750 million in landmark towers complex in Business Bay
Rani International, a real estate company which is part of the Saudi Arabia-based Aujan Group, is investing AED 750 million to develop a pair of landmark 30-storey towers at the entrance to Dubai Business Bay. The development will deliver 900,000 square feet of additional space to Dubai in the last quarter of 2008.
One of the towers will be a world-class luxury hotel with 250 rooms and 40 furnished apartments to be operated by the Oberoi Group, while the second tower will be offered for corporate offices.
The partnership between Rani International and the Oberoi Group, one of the world’s leading luxury hotel and resort operators, marks a milestone as the first Oberoi-branded property in the UAE, an event whose significance was made clear by the presence of the Oberoi global chairman, P.R.S. Oberoi, at a signing ceremony held in Dubai today.
“Our partnership with the Oberoi Group, which ranks among the leading hotel operators in the world, is a great step forward for us,” said Maher Aujan, managing director, Rani International. “This property will become a landmark at the entrance to Business Bay – and, indeed, the new Dubai. We will continue to move forward with our strategic vision to expand across the Gulf through luxury commercial and hospitality projects.”
“We are delighted to announce our partnership with Rani International and our entry to the high profile Dubai market,” said Oberoi. “Dubai is now a world-class leisure and business destination, so it is a natural fit for our group to manage a world-class property here. We look forward to welcoming our guests at Business Bay in the very near future.”
“We’re confident that this project will contribute to the vision of His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to continue to attract the world to the emirate,” said Aujan. “Business Bay, upon completion, will prove a new economic hub, and Rani International’s development will be the gateway into that hub.”
Designed by international firms headquartered in Singapore and South Africa, the Business Bay towers will truly stand apart from the crowd. In particular, the Oberoi-branded hotel, will set a new standard for luxury in the Emirate.
Rani International, is a wholly owned subsidiary of the Aujan Group. Founded more than a century ago, the Group’s holdings include the Aujan Industries, bottler and distributor of confectionaries and soft drinks (including brands such as Rani, Hani, Vimto and Barbican). In the tourism sector, Aujan owns and operates Rani Resorts, a tourism development company that operates exclusive luxury resorts in southern Africa, primarily Mozambique, including private game reserves and beach destinations on the East African coast.
Oberoi Hotels & Resorts is one of the world’s leading luxury hotel brands and the winner of countless awards for global offerings in service, style and comfort. The Oberoi Group owns and manages 30 hotels across six countries under the Oberoi and Trident brands. The activities of the group include airline catering, management of restaurants and airport bars, travel and tour services, car rental, project management and corporate air charters. Founded in 1934, the group currently operates three hotels in the Middle East: The Mena House Oberoi, Cairo; the Madina Oberoi, in Saudi Arabia and the Oberoi Sahl Hasheesh, on the Red Sea.
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