Leading Dubai-based real estate development company, Fortune Group, has announced that it had exclusively tied up with Amlak Finance (PJSC), the UAE's leading Islamic home finance company to offer financing options for their latest project, Burj Al Alam – which is one of the world’s tallest freehold commercial tower being developed at an estimated value of AED 4 billion at Business Bay. 
It is for the first time that Amlak will be offering finance facilities of up to 90% to investors of a commercial project being developed by a private developer. This significant step along with preferred rates help prompt a hassle-free acquisition of prime commercial space by prospective investors at Fortune’s Burj Al Alam project, as well as contributing to the growth of the market.
As part of the agreement, Amlak will structure finance options based on investor requirements for this path breaking project. Finance packages will be made available to UAE nationals, residents as well as GCC and other overseas investors. The tenure will vary over a span of a maximum period of 25 years based on the eligibility criteria.
Speaking at a signing ceremony held today, Mr. Ahmed Khoory, Chairman – Fortune Group said: “As one of the tallest commercial towers in the world, Burj Al Alam will redefine the skyline of Dubai. It is only imperative that we partner with project associates who are leaders in their respective fields. This is what lead us to Amlak and we are indeed delighted to have them as our partners in this ambitious foray of the Fortune Group.”
Adding further, Mr. Khoory said, “The financing aspects of real estate investments are often considered most taxing. However, as a leader in property financing, Amlak were in a position to offer us the best options and flexible alternatives that we hope our investors will benefit from.”
Mohammed Al Hashimi, MD & CEO of Amlak Finance said, “Amlak is delighted to have partnered with Fortune Group to provide finance for this mammoth commercial project. The uniqueness of Burj Al Alam consists not just in its height, but also in its aesthetic totality. Together with Fortune Group’s global expertise and Amlak’s track record with real estate financing in the UAE, customers will be able to avail the best in realty investment.”
Tipped to be the tallest and the most incredible edifice dedicated to commercial space, Burj Al Alam will reflect Dubai’s growing eminence in the world of business. Aside from its formidable height, the project’s design is also poised to be the most striking in the aesthetic sense.
Rising beyond 480 metres, Burj Al Alam is designed to resemble a dazzling crystal flower with a total of 108 floors, out of which, 74 will be dedicated to offices and 27 storeys will be taken up by hotels and service apartments. Burj Al Alam will house the world’s highest hotel. The Fortune Group will commence construction of Burj Al Alam – The World Tower in 2006 and complete it by 2009.
© 2006 Mena Report (www.menareport.com)
