Memon Group launches new property development arm, Memon Investments LLC

The move comes as the developer's Champions Tower projects currently under construction in Dubai Sports City, witnessed high market success with all units having been sold out. Ahmed Shaikhani, presently the Managing Director of Memon Group of Companies, will head the new property development arm.

Memon Investments LLC will focus on investment-driven projects and utilize its core business competencies on acquisition, design and development, consultancy, leasing and management of properties to meet the needs of a booming real estate industry. The new property arm, which will be backed by state-of-the-art technologies, will design, develop, lease and manage both commercial and residential properties and will be supported by a dedicated marketing and customer service team. The team will also ensure that development projects are aligned with the needs of investors and future end-users with innovation, architectural excellence and attractive payment schemes being at the fore of each development.

"The launch of Memon Investments marks our foray as a major contender and comprehensive player offering a gamut of services in the real estate industry. Memon Investments will redefine property development by bringing landmark projects that incorporate the best design, quality and technology and timely delivery. As an investment-driven developer, we will ensure the highest returns while remaining true to our aim of pursuing business activities in an ecologically friendly manner,"

said Ahmed Shaikhani, Managing Director, Memon Investments.

The new property development arm has kick started the process of establishing itself by unveiling a new brand identity which symbolises the aspirations and vision it set forth. Memon Investments' brand identity also supports the corporate values of the Memon Group and its massive expansion plans for the region.

Memon Group earlier earmarked AED 1 billion for real estate development projects, and the launch of Memon Investments is part of a corporate restructuring of the Group aimed to leverage the billion-dirham investment. Memon Investments will handle an aggressive line-up of property projects targeted for implementation by 2008, which will include residential, commercial, mixed-use, retail and community developments as well as future real estate portfolios and related services. The company will soon roll out two new projects and has revealed that future expansion plans are under review.

"Memon Investments is keen on establishing partnerships with corporate firms, leading business houses, banking and financial institutions, and marketing partners to forward our expansion plans for the year 2007. The company is also looking into contributing to the greater economic and social development of the UAE through fostering closer relations with the government, trade bodies and through corporate social responsibility initiatives," concluded Shaikhani.

The Group's UAE portfolio includes prestigious projects such as Champions Towers I and II located at Dubai Sports City. Champions Tower I, an AED 75 million tower, was sold out within weeks of its launch. Champions Tower II, an AED 110 million tower, replicated its success with units completely sold. With presence in 90 countries, Memon Group of Companies is spread across Asia, Africa, Europe and the Middle East and prides itself on its 28 years of experience in real estate development with over 30,000 units completed worldwide.