Al Madar Group to build a new tower in Dubai Business Bay

7/13/2006

Al Madar Group to build a new tower in Dubai Business Bay.

Al Madar Group a leading Qatari group with interests spanning construction, contracting, investments and real-estate, is to invest around AED 150 million (US $ 54 million) in a luxurious residential apartments and tower in the new Business Bay project in Dubai.
 
The tower will be built on the heart of Dubai Business Bay utilizing a total of 345,000 square feet plot for the project.
 
“This will be a flagship addition to the growing Al Madar’s portfolio,” said Mr Ali Mashhadi, Chairman, Al Madar Group, “and we are pleased to be one of the first partners in this ambitious Business Bay development.”

The resort will boast a 345,000 square feet tower with 22 floors and we expect construction to begin in the first quarter of next year 2007.