JEDDAH, 24 February 2006 — At a time when the hospitality industry in the Gulf is offering varied attractions, a Saudi real estate entity is embarking on a plan to establish an Islamic hotel in Dubai.
“What we mean by Islamic hotel is that our project will be without a bar, a disco or a nightclub. Our food will be based on halal meat and beverages will be without alcohol,” Tariq Al-Jassmi, the Dubai-based real estate consultant of the Alderea for Real Estate Development & Investment Company (Al Derea), told a press conference at the Jeddah Hilton on Tuesday night.
The 70 million UAE dirham hotel will have 120 rooms with a basement and eight floors including the ground floor. Located on the Khalid Bin Al-Waleed Street, the hotel’s construction is set to commence in April and will be completed within 14 months, Al-Jassmi added.
The Jeddah-based Al Derea is involved in a number of projects across the Kingdom since its establishment in 2003. They include Al-Dayri Mall in Riyadh, Nukhbat Al-Rahma Villas and Nukhbat Al-Bandar Villas in Jeddah. Currently, the company is studying some other real estate investment opportunities including Nukhbat Al-Hamra villas project in Qasim and a commercial center on Al-Malik Avenue in Jeddah.
The Al Derea, which is involved in the sponsorship of the ongoing Real Estate & Financing Exhibition at the Jeddah International Exhibition & Convention Center, unveiled its plans to develop the SR350 million “Silicon Gates” project, its flagship residential compound in Dubai. The construction is set to commence in April.
“The ground breaking Silicon Gates project achieved more than 34 percent sales in a record time before the development work kicked off,” Walid Derea Alderea, chairman of the Al Derea company, said. “The real estate industry has witnessed unprecedented upsurge throughout the UAE and the GCC with a drastic growth in demand over the last decade. The Silicon Gates project will benefit from the highly developed infrastructure, positive investment atmosphere and facilities that Dubai offers,” Al Derea added.
The project is situated at a location overlooking the Dubai Silicon Oasis in the proximity of landmarks such as Sheikh Zaid University, Knowledge Village, Global Village, Global City and Dubai Land projects. The 25-story building will have four towers with 778 luxurious residential units plus two commercial floors.
The Silicon Gates project will allow expatriates to own their properties in Dubai thus enabling them to acquire residence permits as per the UAE regulations, according to Abdul Rahman Al-Attar, the Emirates partner of the Al Derea company.
“Financing facilities will also be offered by a key player in Islamic banking in the UAE to finance the purchase of units with repayment periods ranging up to 20 years for UAE citizens and 15 years for expatriates,” Al-Attar added.
The company has entered into agreements with major real estate marketing entities including Sharewood, he said, adding that the company hopes to expand its regional presence by launching other new projects at the Silicon Oasis, the Gulf commercial area and the Khalid Bin Al-Waleed Street, known as the financial center of Dubai.