Dubai Investments has announced that the USD 125 million Fujairah Business Centre project, being developed by its joint venture entity Al Taif Investment, is progressing ahead of schedule.

Al Taif Investment, DIC’s joint venture with Fujairah Investment Establishment [FIE] – the investment arm of Fujairah Government, announced that the project will be completed by the fourth quarter of 2020. The overall project construction work is progressing ahead of schedule.

The Fujairah Business Centre will have a total built-up area of 96,400 square meters and will comprise two towers, including a 19-level plus roof Office Tower and a 19-level plus roof hotel with 228 rooms and suites as well as 79 furnished apartments operated by a leading hotel group. The business centre will also include a G+2 level shopping mall and retail area coupled with parking space to accommodate over 670 vehicles.

China State Construction Engineering Corporation Middle East is the project construction contractor and DEWAN Architects and Engineers is the consultant.

Al Taif Investment, launched in 2007, invests in real estate and industry ventures locally and internationally to develop a strong investment portfolio. Dubai Investments owns 60 percent stake in Al Taif Investment, while the remaining 40 percent is held by FIE. In the long-term, Al Taif Investment plans to invest in companies and develop a diversified portfolio of Greenfield and finance-oriented projects.