Tamweel PJSC, the UAE’s largest provider of real estate finance, today announced that it will offer commercial finance to businesses interested in buying office space in the Fortune Tower, located in Jumeirah Lakes Towers (JLT), Dubai.
Fortune Tower offers nearly 350,000 square feet of commercial space in a prime business location of JLT adjacent to Sheikh Zayed Road in Dubai. The handing over of the property to the owners will be initiated in June. JLT is a premium mixed-use free-zone development that includes a wide range of residential and office towers alongside hotels, leisure and retail outlets.
Wasim Saifi, Chief Executive Officer, Tamweel, said: “Located in the heart of a dynamic business development, Fortune Tower requires innovative commercial financing solutions. Tamweel is pleased to offer tailor-made solutions to the customers of Fortune Towers. We are confident that our solid track record, including industry-first products, strong local presence, customised financing options and a wealth of market expertise, will prove immensely beneficial to buyers of Fortune Towers.”
He added: “The demand for commercial property in Dubai will remain high for the next three years. We estimate a demand of over six million square feet of commercial space every year for the next three years, and are geared to capitalise on this market opportunity.”
To date, Tamweel has provided over AED 11 billion in financing and has been involved in the development of some of the most prominent projects in the UAE.
Fortune Tower is being developed by Fortune Group, a leading Dubai-based property developer. Ahmed Khoory, Chairman of Fortune Group, said: “As we continue to create work spaces enriched with finest environments, the best of contemporary infrastructure and world-class amenities, we are pleased to partner with a market leader such as Tamweel in financing Fortune Tower. The project has appreciated nearly three times since it was first launched. We are confident that Fortune Tower will prove to be an attractive investment opportunity for both end-users and investors alike.”
He added: “Based on Tamweel’s credentials and their ability to provide the right mix of financing solutions, we look forward to working with them in offering the best financing options for our customers at Fortune Towers, and many other exciting projects in the future.”
The Fortune Group’s other prominent developments include Fortune Bay, Fortune Avenue, Fortune Pearl, Fortune Bravo, Crystal Tower, Fortune Executive Tower, Fortune Serene, Fortune Pavilion, Casa Marbella and Burj Al Alam, the world’s tallest commercial tower.
