Saba Group to invest big in freehold

The organisation says it plan to invest more than Dhs1 billion in freehold property development in the next two years.

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By  David Ingham Published  December 16, 2003

Saba Group is the latest organisation to say that it will invest heavily in freehold property development. The company plans to spend a total of Dhs1.2 billion on new buildings in the next two years, according to its chairman, Behrouz Javaheri.

"We are absolutely confident that the freehold real estate and property sector in Dubai is on a high growth curve, continuing to offer real estate developers a sterling opportunity to invest and grow their business," said Jahaveri.

"We have already committed to investments to the tune of Dhs570 million in Jumeirah Lake Towers, an iconic real estate development that will symbolise the innovative and forward looking spirit of Dubai," Javaheri said.

The group has already confirmed that it will build a 36 storey, twin tower complex and a freehold office tower within Jumeirah Lake Towers, a huge area set aside for freehold development on Sheikh Zayed Road. The office tower, Saba Tower, is reported to be the first freehold office building in Dubai.

"Saba Tower is the best opportunity in the UAE for businesses to own an office and in turn convert the rent they pay otherwise into an asset," said Jahaveri. "The response to the project has been very exciting, confirming our belief that there was an untapped market in Dubai for freehold office space," Javaheri said.

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