Memon Group of Companies, the US$ 5 billion business conglomerate with interests in real estate development, trading, manufacturing and IT, has announced its intention to invest AED 1 billion in various property projects in the UAE by the end of 2008. The Group has an aggressive line-up of projects planned in the UAE, including two new projects that are to be launched by the first quarter of 2007.
“Memon Group entered a rapidly growing property market in the UAE through its Champions Tower projects to cater to demand for differentiated residental offerings. The overwhelming interest generated by Champions Tower I and II is a reflection of market robustness and investor confidence in the Memon Group of Companies. Our primary projects in the UAE sold out rapidly, providing us bedrock of confidence and financial security to undertake further expanion. Our mission is to be the trusted leader in the luxury real estate market in the region, with customer service and satisfaction our top priority,” said Ahmed Shaikhani, Managing Director, Memon Group.
The Group’s UAE portfolio includes prestigious properties such as Champions Tower I and II located at Dubai Sports City. Champions Tower I, an AED 75 million tower, located within Dubai Sports City, was released last year and sold out within weeks of its launch. Champions Tower II, an AED 110 million tower also located within Dubai Sports City, was released mid 2006 and is completely sold out. Memon Group’s portfolio of luxurious properties expands beyond the Middle East region, with 30,000 delivered units wordwide and upcoming residential and retail investments in Pakistan worth US$ 393 million.
“According to industry reports, projects planned or already under development in the region are estimated to be in excess of $1 trillion in value, making the Gulf area the biggest projects market globally on a per capita basis. The developments span the full spectrum of sectors, including residential and commercial buildings as well as civil, infrastructure and logistics projects. We are strengthening our position as a leading property developer in active regional markets by developing resonance between form and function. The Memon Group is spread across 35 countries worldwide and prides itself on its 28 year experience in real estate development with over 30,000 units completed over the world,” Shaikhani added.
The US$ 5 billion Memon Group of Companies is one of the largest groups in Pakistan with diversified interests in real estate development, trading, manufacturing and IT. The Group’s first business unit in UAE was established to fill a strategic niche within the insulation market. Memon Group’s Ajman-based AED100 million insulation products and accessories’ manufacturing unit is the premier UAE enterprise for manufacturing a versatile range of technically advanced Closed Cell Elastomeric Rubber Insulation Pipes (Gulf-O-Flex) and Sheets. The Group also owns trading and garment manufacturing units in UAE, with further cross-sectoral expansion plans under review.
