|Real Estate News|
Al Fajer Properties (AFP) announced the successful completion of its restructuring plan for the company, which commenced in early 2008.
Under the leadership of its newly appointed president, His Highness Sheikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted, whereby the previous management was disbanded and a new management team and strategy put into place.
The new strategy involved liquidating the company’s substantial land bank valued at Dhs800m, and generating additional sales from existing inventory of Dhs2.4bn, bringing the total value of mitigated risk down by Dhs3.2bn for the company.
The company saw an accelerated construction plan delivering a 7-day cycle per floor, which had never been achieved before for phase 1 (towers 1 - 5 of its 9 commercial towers) within the Jumeirah Lakes Towers (JLT) community. Phase 1 is due for completion in the last quarter of 2009 and phase 2 (towers 6 - 9) scheduled to be online on or about the same time the following year.
The company also initiated the implementation of new policies and procedures, bringing the company up to date with international financial standards and in line with updated Rera (Dubai Real Estate Regulatory Agency) rules and regulations ensuring more transparency in the marketplace.
‘We have taken immediate remedial action in early 2008 which has significantly strengthened the position of AFP and I am very pleased with the outcome,’ said His Highness Sheikh Maktoum Hasher Al Maktoum, President of Al Fajer Properties.
Notes to Editors:
Al Fajer Properties
Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over Dhs3bn the company has positioned itself to become a leading player in the fastest growing real estate market in the world.
Al Fajer Group (AFG) was established in 1965, by its Group President His Highness Sheikh Hasher Bin Maktoum Al Maktoum. Since his appointment of CEO of the group in 1998 the company has rapidly grown to a diversified business entity delivering high quality service to a wide range of international clients.
With more than 18,000 employees and an annual group turnover of Dhs5.8bn, the Group’s business interests to date have now placed it as a market leader with the following nationally recognizable companies incorporated under its umbrella; Al Ahmadiah Contracting & Trading, a leading national contracting firm with over 35 years of widespread construction experience; Al Ahmadiah Aktor LLC identified as one of the few established professional construction companies reputed for its reliable expertise in intricate designs and exacting quality standards; Al Fajer Security & Maintenance, a leading specialist in providing a wide range of multi-property services; Lunar Electro, a national Electro Mechanical Contracting firm; Al Fajer Establishment, a general trading company with over 3 decades of expertise representing world renowned and leading brand of products supplying to the construction and printing industry; Balmer Lawrie & Co. Ltd, a well established company in India which has become a pioneer in container manufacturing in the Middle East specializing in mild steel barrels and drums; Al Fajer Information & Services, with over 2 decades of experience in providing a complete range of organization and management services through its five divisions which include Fairs and Exhibitions, Octanorm Displays, Shop Fittings, Design & Graphics and International Exhibit Builders.
Other group members include: Al Fajer Travel & Tourism; Al Fajer Medical Supplies; Al Fajer Interiors & Decorations LLC; and Al Fajer Investments & Development.