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Dubai: KM Properties, the real estate development arm of Dubai-based KM Holding, yesterday unveiled a Dh1.3-billion tower project in Business Bay, expanding its presence in the emirate's under-development prime commercial district.
Tamani Arts Offices will be a 20-storey glass and steel building in the Artisan Cluster in Business Bay.
"It is going to be the most significant address for business in New Dubai," said Mohammad Haddad, chairman and CEO of KM Holding.
The Artisan Cluster covers a built-up area of about two million square feet and consists of several residential, commercial and hotel towers.
Adjacent to Tamani Arts Offices is the Tamani Arts Hotel, another development of KM Properties.
The company owns several properties in the UAE and hopes to enter the Saudi Arabian and Indian markets under a six-year growth plan.
Foreign projects
Haddad said KM Properties has invested Dh250 million in Saudi Arabia in a land purchase and the offices in Riyadh and Dammam.
In the next seven to eight months, the company expects to launch a Dh900 million mixed-use project in Saudi Arabia, he said. In India, it is doing a market study with a joint venture partner before deciding on a real estate development.
"We need to be satisfied with the market demand before making any large investment in India," Haddad said.
In the hotel sector, KM Holding is looking at both making new investments and managing properties for other investors.
It has so far invested in four hotels in Dubai that will offer 1,000 rooms when completed by 2010.
Haddad said the group's alcohol-free hotel operating arm Tamani Hotels and Resorts is negotiating five potential management contracts in Riyadh, Jeddah and Dammam.
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