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: UAE FreeZone Newsletter - Issue 41 -
August 2007 |
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| Fujairah attracts resort developers |
While the larger emirates in the UAE are busy constructing freehold residential and commercial projects, Fujairah is focusing on developing a world-class hospitality and resort sector.
Taking advantage of its Indian Ocean beachfront, |
Taking advantage of its Indian Ocean beachfront, mountain chains and archeological sites, Fujairah has attracted several multi-billion dirham real estate investments. |
mountain chains and archeological sites, the emirate has attracted several multi-billion dirham real estate investments.
But in terms of residential property available for non-GCC ownership, Fujairah lags way behind Dubai, Abu Dhabi and Ajman.
Roger Wilkinson, managing partner of Northern Emirates Property, a Sharjah-based property leasing and management company, described the real estate market as "low key" compared to other smaller emirates, especially Ajman and Umm Al Quwain.
"There seems to be a lack of infrastructure to accommodate the expansion of freehold projects, which could be in demand as retirement homes or second homes. However, it could be a sector which the emirate will turn to once the tourism and hospitality sector is well established."
The main reason for low activity in the freehold market is the absence of a specific law stating whether or not freehold property ownership is possible for expatriates.
Lisa Dale, head of Al Tamimi & Company's property department, said there has been some expatriate ownership in Fujairah's residential developments, but this is agreed on a case by case basis.
There are no such barriers to investment in the business and tourism sectors. Zenath Real Estate, part of the Khalid Abdullah Al Ghurair Group, earlier this summer said it will build a 220-room hotel in Fujairah Corniche at a cost of Dh150 million.
Other recent developments include the Mina Al Fajer Resort, a Dh600 million mountain-sea resort property that will include a 200 room five-star hotel managed by the Fairmont Hotels and Resorts.
The resort, which will include a marina, 48 mountain villas, 13 solarium villas, and 80 marina apartments, in addition to the five-star hotel, is expected to be complete before the end of 2009.
Contracts
Project developer Mina Al Fajer Real Estate has awarded a contract to build the resort to Malaysian contractor Tidalmarine Engineering (TME).
Egyptian hotelier Hamid Al Chiaty, who owns Travco and Egyptotel, recently told Gulf News it is setting up two new resorts - Iberotel Miramar Al Aqah Beach Resort and Iberotel Royal Miramar Resorts - with a total investment of nearly Dh735 million in Fujairah.
The complex, once completed, will add nearly 700 rooms to the emirate's growing tourism industry.
In terms of business activity, traditional industries such as cement, stone crushing and mining have prospered thanks to Dubai's construction activity, while substantial investment has been channelled into Fujairah Free Zone.
Dubai Investments (DI) in June announced a partnership with the Fujairah Investment Establishment (FIE), the investment arm of the Fujairah Government, to launch Al Taif Investments, an investment company based in Fujairah with capital of Dh500 million.
The company said it will invest in real estate and industry ventures, but also plans to buy firms and develop a diversified portfolio of greenfield and finance-oriented projects.
"We are certain that Al Taif will trigger a new phase of foreign investments into Fujairah, which will see the emirate become one of the most important business and tourism destinations in the region," Mohammad Saeed Al Dhanhani, director, FIE, said at the launch.
Vast lands remain yet to be exploited
- Total land area :1,450 square kilometres.
- Total population : 100,000, according to last census.
- Urban areas : Al Fujairah, Dibba, Mirbeh, Al Bidiah and
Masafi. |
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Courtesy Al Nisr Publishing LLC
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Hot
properties in UAE - Freehold |
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