Al Burj Real Estate announces sales of over Dh1.75bn within first few months of operations

Al Burj Real Estate was launched in 2005 with a committed capital of Dh7 billion making it one of the largest capitalized shareholding firms in the UAE. Following its launch, the company had made a significant investment in property in Phase I of the iconic Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront. Market sources say that Phase 1 of Madinat Al Arab has generated positive demand from investors and developers alike and land prices have reached over Dh190 per square foot of built-up area.

At a Board meeting held recently, H.E. Dr. Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry and Chairman of Al Burj Real Estate, in his comments on the sales said: "We are immensely proud of the significant achievements of the company in such a short span of time, particularly sales figure of Dh1.75 billion. We will continue to concentrate on strategic investment opportunities with a number of leading real estate developers in the UAE. One of them being the acquisition of villa plots in Phase II of Madinat Al Arab, within the next 2-3 months."

He added: "Al Burj Real Estate's investment in Madinat Al Arab is part of our venture into various residential, commercial and office developments in the UAE as we eye massive investments in the burgeoning real estate sector in the UAE. We are also simultaneously planning other real estate ventures in the GCC region."

At the same meeting, Abdul Rahim Al Zarooni was appointed as Vice Chairman of the Board of Al Burj Real Estate. Mr. Zarooni, Chairman of Al Zarooni Group of Companies, is a prominent figure in the real estate industry and is widely known for several landmark projects in the UAE. Mr. Zarooni has initiated several successful projects across diverse sectors in the UAE and with his extensive knowledge about the real estate industry, he will play a pivotal role in driving Al Burj Real Estate's initiatives and help achieve its objectives.

The company, which plans to own and manage a portfolio of real estate that includes residential and commercial properties, will also provide fully integrated property management solutions for its customers' real estate needs.