Solanki Holdings forays into UAE property sector

Tuesday, December 2, 2008

Solanki Holding and Investments Limited, leading UAE-based conglomerate, forayed into proper sector with the launch of their new entity, Solanki Real Estate, projected to invest Dh.12bn into the sector.

Among their landmark developments will be the Dh.9bn worth project at Al Marjan Islands in Ras Al Khaimah.

Comprising 1500 apartments, several commercial units, and 100 villas, spread across 1.5million square feet of retail space, and a hotel, the development is likely to be launched in three phases. It will also include an elaborate shopping mall and several retail outlets.

Phase One is scheduled for launch within next three to four months, depending on market conditions.

Despite the bleak market conditions within the property sector, Solanki is confident that the long-term picture is bright, with the banks sure to facilitate financing.

Other development plans by the company include projects in the International City, Dubailand, Dubai Silicon Oasis and Jumeirah Village.

The Phase One of the International City is worth Dh.80million, comprising 140 units in a 10 storey development. About 60 percent of the project is now complete, said Abdul Rahman Esmail Solanki, the Chairman of the Company.

"We have been operating diverse business in the UAE for 35 years now. We are proud to announce our first real estate venture. The spectacular Al Marjan Islands of RAK has been an obvious location choice for us, which serves as beautiful backdrop for a mixed-use community, while also giving us an opportunity to cater to the growth of the emirate in terms of tourism, activity and population," said Abdulrahman Ismail Solanki, Chairman of Solanki Holdings.

Although Solanki did not announce any immediate launch of projects, they are confident about the GCC market and UAE, in particular, as the fundamentals are all here, said Emad Pattni, the CEO of Solanki Real Estate.