His Highness Sheikh Maktoum bin Hasher Al Maktoum appointed as President of Al Fajer...
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His Highness Sheikh Maktoum bin Hasher Al Maktoum appointed as President of Al Fajer Properties -- His Highness Sheikh Maktoum lands major investment deal with Kulczyk Investment House DUBAI, United Arab Emirates--(Business Wire)-- Sheikh Maktoum bin Hasher Al Maktoum, founder of A1 Grand Prix, Chairman of Dubai International Holding Company (DIHC) and CEO of Al Fajer Group (AFG) has been given a new appointment as President of Al Fajer Properties (AFP), one of the leading property developers in the UAE. Upon his new appointment as President of AFP, Sheikh Maktoum is pleased to announce the first significant European investment partnership in the Dubai commercial property market following a signing with Kulczyk Investment House (KIH). The initial investment of AED 225 million will be through a Real Estate Investment Partnership (REIP), an innovative investment concept created by Sheikh Maktoum and Mr. Manoj Narender Madnani, Managing Director, KIH, Dubai. This is one of the first REIP transactions made possible by Sheikh Maktoum for KIH in the region. Sheikh Maktoum will be giving KIH the opportunity to invest in the Jumeirah Lake Towers community through his world class Al Fajer Properties project 'Jumeirah Business Centre Towers' the regions first branded office chain, a wholly owned subsidiary of the Al Fajer Group. Commenting on the alliance, His Highness Sheikh Hasher Maktoum, Chairman of Al Fajer Group said: "Al Fajer Properties has posted significant growth in the Dubai's real estate market and I am confident that with the expertise and experience of my son, Sheikh Maktoum, CEO of Al Fajer Group, the company is poised to be a global entity." Commenting on the partnership, Sheikh Maktoum thanked his father for his diligent efforts in growing the company (AFG) within the last 40 years into a nationally recognizable brand name with a myriad of services throughout the UAE. He was further quoted as saying: "Al Fajer Properties primary focus is to create investment opportunities in the region given the current market volatility in Europe and North America for investors abroad. This, coupled with the increase in the price of oil, has created significant market liquidity in the region making the Middle East a safe haven for investment within the real estate sector. The significant increase in petrodollars has also given us the ability to begin considering unlocking value in current assets and exploring new international opportunities in Europe and N.America as well. Al Fajer Group is delighted that KIH has chosen us as their preferred partner in not only investing in existing Al Fajer Properties, but also in exploring the wealth of opportunities in this rapidly developing sector across the region." Sheikh Maktoum verbally reaffirmed AFG's commitment to delivering the highest standards for quality and excellence which is the embodiment of Dubai. It his Highnesses belief that yields and returns in the real estate market within the region will continue to escalate in what is proving to be one of the strongest and most sustainable property regions in the world. His Highness hopes that as foreign investor confidence continues in the region, new partnership opportunities will continue to present themselves continuing to place Dubai as a city of high standards and excellence thanks to the visionary approach of the ruler UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. NOTES TO EDITOR 1.Sheikh Maktoum received his BS/BA from Suffolk University in Boston. Since that time some of his biggest success stories include being one of the founding investors of Virgin Megastores in the UAE (which has now grown to hold a major market share in the region) followed by the creation of the global brand "A1 Grand Prix." The current investment opportunity presented to Kulckyz Investment House is one of many expected international partnerships to take seed on this scale under the management of His Highness. His Highness hopes to make the Al Fajer Group a globally recognizable brand as he aims to position himself within the US & Europe as part of an overall global growth strategy. 2. Kulczyk Investment House is an international investment company that is set to become the most significant player to emerge from Central and Eastern Europe in modern times. The company's strategy assumes expansion in all continents, with the overriding aim of investing in the most promising global industrial and geographical sectors, namely, those offering the highest rates of return. The business lines are focused on real estate, energy - power and oil and gas, infrastructure and automotive. The company is headquartered in Luxembourg with offices in Warsaw, London, Kiev, Dubai and Vienna. Current portfolio investments include: Autostrada Wielkopolska S.A., Autostrada Eksploatacja S.A., Kompania Piwowarska S.A., Loon Energy, Ophir Energy Ltd., Polenergia S.A., Skoda Auto Polska S.A., Kulczyk Tradex S.A., POCH S.A. Kulczyk Investment House takes it name from Jan Kulczyk, the Polish entrepreneur and international businessman, who set up Kulczyk Holding in 1991 and who is now non-Executive Chairman of the company's Supervisory Board. He has also just been appointed Chairman of the Board of Green Cross International, the international environmental organization, founded by Mikhail Gorbachev, the last leader of the communist party and the only president of the USSR. 3.Al Fajer Properties LLC, was established in November 2004 as a wholly owned subsidiary of AFG. 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 5 commercial towers located in the 'Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world. 4. Al Fajer Group 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 AED 5.8 billion. 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 which is a leading national contracting firm with over 35yrs 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 are; 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. Buchanan Communications for Sheikh Maktoum Bobby Morse, + 44 (0)20 7466 5000 bobbym@Buchanan.uk.com Copyright Business Wire 2008
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