The AED 3 billion, (approximately US$ 818 million) 'Plaza Mayor', a project consisting of four 45-storey towers surrounding a large central court termed "The Plaza" was announced today (Thursday, November 23rd, 2006), at a press conference held at Mina A'Salam Hotel at Madinat Jumeirah, Dubai. The project which is set to act as a nexus for business and leisure activity is a joint venture between Makaseb Holding, the regional development and investment company; Ishraqah, a regional real estate development company and Ta'sees, a subsidiary real estate development and investment arm of Tamerat Almousa Group.
The joint venture agreement was signed by Hisham Abdul Ghani, Founder of Makaseb Holding Ltd., Hesham El Far, CEO, Ishraqah and Saad Ibrahim Al Moosa, President of Ta'sees.
The Plaza Mayor, situated in Jumeirah Village, will synthesise European and Arabic cultural influences to cement its credentials as a future business and tourism hub. Inspired by its Spanish namesake, Dubai's Plaza Mayor will cater to local sensibilities by absorbing UAE market preferences.
Hisham Abdul Ghani, Founder of Makaseb Holding Ltd., said, "The Plaza Mayor will follow multicultural thematic and design influences to become the first mixed use hospitality and business destination in Jumeirah Village. Each of Plaza Mayor's four hotels will take inspiration from eighteenth century English, French, Spanish and Viennese design cues, blended with modern architectural considerations."
The Plaza Mayor will cover approximately 3 million square feet of built up area, with a ground surface area of over half a million square feet. Each of the project's towers will offer a dedicated parking and retail level, followed by a premium 4-storey hotel with 80 five-star rooms. The towers will also house 45 levels of premium office space. The Plaza will emerge as the focal point for all four towers, leading to a distinct layout that will promote interaction and business development.
Hesham El Far said, "The Plaza Mayor's ideal location and landmark design will be its defining characteristics. Ishraqah has invested over US$ 1.6 billion in more than 50 projects in Jumeirah Village, and we fully expect that iconic projects such as the Plaza Mayor will establish the location as the next city center of a rapidly mushrooming Dubai."
Speaking at the press conference, Saad Al Moosa, President of Ta'sees, said, "We are delighted to participate in the Plaza Mayor project, which will act as a key commerce and tourism driver on completion. Ta'sees is keen to focus all its
expertise and resources to ensure the project's success."
Makaseb Holding is a joint venture between the Rufi Group of companies, Sharm Land Limited, A&A Investment and Quattro. The company is geared up to follow a rapid expansion and diversification strategy by drawing on the diverse international experience and regional networks of its founders.
Ishraqah, owned by Sheikh Bader Al Zahrani (Saudi Arabia) and Sheikh Sultan Khaled Bin Mahfouz (Saudi Arabia) among others, is a real estate development company in the UAE; set to invest profoundly in real estate projects across several markets such as Morocco, India, Pakistan and Egypt while focusing on high standards to exceed buyer's expectations in both residential and commercial communities.
Ta'sees is a premier development and investment company in the UAE that is keen to establish its leadership position in the country's real estate industry through its portfolio of distinguished residential and commercial projects spread across the UAE. Ta'sees was formed following the partnership between Saudi Tamerat Al Mousa, representing a number of Saudi family business holding companies and leading private businesses in the Kingdom; and Ali Mousa & Sons Group in the UAE, an established investment group.
