memon investments commences construction on aed 80 million cambridge business centre
Leading developer seeks to leverage booming demand for commercial space in Dubai
Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, recently held a groundbreaking ceremony to mark the construction of its AED 80 million Cambridge Business Centre at Dubai Silicon Oasis (DSO). Launched earlier this year, Cambridge Business Centre is the developer’s first commercial venture, in a bid to leverage the market boom and demand for commercial space, which at present boasts of more than 24 million square feet of built corporate units under construction. Present at the groundbreaking were Ahmed Shaikhani, Managing Director, Memon Investments; Rizwan Shaikhani, Joint Managing Director, Memon Investments; Abu Baker Shaikhani, Chairman, Memon Group; Muzammil Shaikhani, Director, Memon Group; Adel Abdulhalim Al Bahy, Senior Manager - Urban Planning, Dubai Silicon Oasis Authority (DSOA) and Eng Ahmed Al Adl, General Manager, Stromek Emirates Foundations LLC along with senior company officials.
Memon Investments also announced on the sidelines of the groundbreaking that it has awarded the shoring and excavation contract for Cambridge Business Centre to Stromek Emirates Foundation (SEF), a subsidiary of M`sharie, the private equity arm of Dubai Investments. SEF has commenced initial excavation and preparation on the tower and has expressed its commitment to complete the first phase within the set deadline. Cambridge Business Centre’s shoring and excavation project will be SEF’s third venture with Memon Investments, as the company is also handling the foundation work on Champions Tower II and Champions Tower III.
Speaking at the groundbreaking, Rizwan Shaikhani, Joint Managing Director, Memon Investments, said, “The launch of Cambridge Business Centre marked our foray into the increasingly buoyant commercial development market, which we have recognised to generate outstanding business opportunities within Dubai and the rest of the region. The influx of investors from all over the globe has provided great expansion opportunities for the property development market, which is now gearing towards satisfying the huge demand for office spaces to accommodate the needs of new and established corporations. With the commencement of the construction of our initial commercial offering in the region, we hope to play a further part in this massive movement towards a more dedicated focus on developing commercial spaces.”
The rapid influx of small, medium and large-scale businesses into Dubai and the demand created by the expansion of existing international and domestic companies has resulted in the exponential growth of Dubai’s commercial development market. With Dubai office rentals showing a 55 per cent increase over the past year, industry projections have revealed that commercial office rent is expected to remain high throughout 2007 and 2008. Further, upon the completion of the said office spaces, the current area occupied by standing corporate units will augment the present figures by more than 50 per cent. In light of these new developments, Cambridge Business Centre, which is located within Dubai Silicon Oasis, is expected to play a significant role in facilitating the growth of businesses in Dubai.
“We are truly honoured to be a part of Memon Investments’ first commercial development project, which we are certain will redefine industry standards in terms of advancements in technology and functional designs within a corporate setting. As a piling specialist, we are confident that we will be able to satisfy the requirements of Cambridge Business Centre, as we have already acquired a clear idea of Memon Investments’ standards in our past projects with them. Through the use of our highly advanced technologies, we are optimistic that we will deliver beyond our client’s expectations, thereby nurturing our relationship towards more rewarding partnerships in the future,” said Eng Ahmed Al Adl.
Stromek Emirates Foundations has acquired extensive experience in the field of mechanical foundations and piling works and completed more than 550 projects in the UAE since it was established in Dubai in July 1994. The company has developed an impressive roster of high profile projects by employing different techniques. SEF established a strong reputation in the industry through its utilisation of cutting edge systems in piling, shoring and anchoring works such as Bentonite slurry suspended method, CFA method, steel solder piles, sheet piles, contiguous piles and secant piles.
“Innovative and creative ideas are the cornerstone of our success in consistently delivering high value projects that encompass both commercial and residential developments; however, we consider that our alliance with reputable partners also plays a vital part in our tremendous accomplishments. Through our ability to recognise worthy partners to collaborate with, in addition to the intrinsic uniqueness of our offerings, we are looking forward to providing our customers with more projects that better suit their personal and business requirements,” concluded Shaikhani.
Combining the quintessential elegance of classic British architecture and cutting-edge engineering, Cambridge Business Centre is a 10-storey tower with a total built-up area of 160,000 square feet. Offering a total of 108 small, medium and large offices distinguished by a unique blend of contemporary design, the prime business tower provides a lavish blend of luxury, functionality and perspective. Advanced facilities such as Wi-Fi technology, keyless entry, mood lighting and hi-speed internet connection are available to commercial tenants, in addition to a choice of 11 retail shops on the ground floor, cafés and restaurants, banking facilities and a travel agency.
