In a significant move that would support channeling investments from Germany to Dubai, the commercial realty leader, Al Fajer Properties, today announced partnering with RE/MAX, world’s largest real estate franchiser with over 5,000 offices in over 50 countries comprising 100,000 full-time agents.
Commenting on the partnership with RE/MAX, Dr. Shahram Abdullah Zadeh, Chief Executive Officer of Al Fajer Properties, said: “The agreement with RE/MAX comes at a time of great dynamism in Dubai’s real estate market, offering world’s best growth avenue for German and European investors. Apart from driving investments into our properties, we are confident that our partnership with RE/MAX will act as a trigger to enhance German investments into Dubai”
Al Fajer Properties, developers of the world’s first 5-star freehold office chain, Jumeirah Business Centre Towers, comprising nine towers in Jumeirah Lake Towers community also participated at the RE/MAX Convention in Stuttgart and the Emirates-Germany Business Summit May 8-10 2007 in Frankfurt, as part of highlighting its properties as well as the realty investment opportunities that German investors can tap in Dubai to maximize returns.
Al Fajer Properties currently has a portfolio of over Euro1 billion worth of projects in Dubai and is in advanced stages of finalising its foray into residential property development and hospitality sectors.
The Jumeirah Business Centre Towers, its debut project provides both free zone and free hold advantages to investors. Coupled with this, Al Fajer Properties in partnership with Abu Dhabi Commercial Bank (ADCB) has also announced a developer-gauranteed mortgage finance under which investors need to pay only 30 per cent of the asset value during construction and 10 percent on completion. The rest 60 per cent can be paid over 10 years after the investor moves into the property.
“We are confident that the mortgage finance we are offering is superior to any other deals in the market and investors in Germany would be able to assess this unique opportunity at the Emirates-Germany Business Forum 2007. Moreover, our projected rental return from Jumeirah Business Centre is in excess of 20 per cent per annum,” Dr. Shahram said.
“Our participation in the Emirates-Germany Business Forum 2007 as well as the partnership will aid cross-border investment flows between Germany and Dubai, creating significant benefits to both sides. We already have German investors expressing interest in Jumeirah Business Centre Towers and with our tie-up with RE/MAX we are now better equipped with a proven investment channel which would ensure a sustained interest in Dubai realty,” he said.
Al Fajer Properties is one of the first property developers from Dubai which has stepped into the German market and it is the largest exhibitor from the Gulf region at the RE/MAX Convention in Stuttgart and the Emirates-Germany Business Summit 2007 in Frankfurt which officially opened by H.E Sheikha Lubna Al Qasimi, the UAE Minister of Economy and Planning.
Commenting on the partnership with Al Fajer Properties and its outlook on Dubai property, Mr. Markus Preller, Regional Director, RE/MAX said: “We look at this relationship as a great stepping stone into the realty market of Dubai as well as the region for us. German investments into Dubai properties are relatively small compared to other European investors, particularly from the UK. We are confident that in partnership with Al Fajer Properties we would be able to change this scenario driving more investments into Dubai, which is witnessing one of the world’s largest construction and infrastructure development boom.”
He said investors from other parts of Europe, including the UK, have been able to realize great returns by investing in Dubai’s realty sector and Al Fajer and now it is the turn of German investors to capitalize on the opportunity.
“We are proud for being selected as the partner of Al Fajer Properties in Germany and are encouraged by the support and trust His Highness Sheikh Hasher Bin Maktoum Al Maktoum, the Group President of Al Fajer Enterprises has vested in us,” he said.
In a gathering at Al Fajer stand During the Emirates - Germany business summit 2007 Al Fajer properties also presented its projects to institutional investors, high net worth individuals, leading banks and mutual funds focusing on emerging markets.
In this gathering Dr. Shahram Abdullah Zadeh, CEO, Al Fajer properties said: There is great potential for investment opportunities which both sides can benefit from. German investors are not benefiting from the attractive investment opportunities currently available in Dubai by being too slow in making decision or unwilling to explore the options available.
As we all know real good opportunities do not last for ever. As an example our company is also not getting access to German professional services and products the way it should be. My message in this context is irrespective of Al Fajer Properties and the investment opportunities we are offering you today, do invest in any project in Dubai and you are guaranteed a much better return on investment than Europe or North America
About al Fajer Properties
Al Fajer Properties LLC is a subsidiary of Al Fajer Enterprises - established in the year 1965, by its Group President His Highness Sheikh Hasher Bin Maktoum Al Maktoum. Al Fajer Enterprises has rapidly grown to a diversified business entity delivering high quality service to its wide range of clients. With more than 12,000 employees, the Group's business interests over the past 40 years include a leading construction company, property maintenance and management services, engineering and consultancy, international fairs and exhibitions, manufacturing, travel & tourism, pharmaceuticals, general trading and investments & development. For more information, please visit: www.alfajerproperties.com
