Cayan Group to create a Real Estate Fund for AED 1 bn Residential and Hospitality Project in Dubai managed by SHUAA Capital
March 25, 2015 - Cayan Group, a leading property developer and real estate
investment group, and investment firm SHUAA Capital today announced that they
have signed an agreement to set up a Real Estate Development Fund. The Fund
will be used for the construction of an AED 1 billion residential and hotel apartment project located ion the
strategic Umm Suqeim Road in Dubai.
Cayan Group will act as the the main developer of the project which is estimated to be completed by the second quarter of 2018 and SHUAA will act as the Investment Manager for the Fund. The project has also been awarded to the International Japanese architecture firm Nikken Sekkei and to UAE-based Dewan Architects.
Cayan Group’s iconic project possesses a plethora of features and is characterized by smart layouts and great benefits that will make the tenant’s living experience both comfortable and luxurious. The residential and hotel apartment towers will include more than 700 individual units in the form of studios, one-bedroom apartments, two-bedroom apartments, and three-bedroom apartments and penthouses. Retail amenities will include general retail area, meeting rooms, and an all-day dining restaurant. Other amenities such as a gym, spa and lounge will occupy the sky-bridge connecting the two towers.
The project is located on Umm Suqeim road near Mall of Emirates and in close proximity to other developments including Mohamed Bin Rashid City, Dubai Hills and Arabian Ranches. It is strategically located near Dubai International Airport and Dubai World Central Al Maktoum International Airport (approximately 30-minute and 20-minute driving distance, respectively). Additionally, the freezone development is situated in close proximity to Jebel Ali Port (15-minute driving distance)
Ahmed Alhatti, President and Chairman of Cayan Group, said: “Our partnership with SHUAA Capital to develop world-class residential and hotel apartment complexes in Dubai confirms our commitment to providing our clients with superlative housing options in a preferred location in the city. Moreover, the deal to develop an AED 1 billion mixed-use project is in line with our expansion strategy of further establishing our stronghold in Dubai. SHUAA Capital is a full-fledged financial company with a strong track-record in managing real estate and hospitality funds, and we are happy to partner with them on this particular project. We also look forward to collaborating with Nikken Sekkei and Dewan Architects”
“Dubai’s status as a cosmopolitan business centre together with its world class infrastructure and positive growth outlook continues to attract residents from all over the world”, commented Karim Schoeib, Chief Executive Officer – Investment Banking at SHUAA Capital. “The Dubai property market has seen steady growth over the past few years underpinned by a growing population and continuous demand for residential units,” We are pleased to be partnering with Cayan Group on this project which we believe will constitute a compelling investment opportunity that will generate value for investors.”
Sales and marketing activities for the project will be managed by Cayan Group through one of its specialized entities and are set to begin in the [second] quarter of 2015. Founded in 2004, Cayan Group has a long track record of developing a range of well-known real estate projects across the region, notably the Cayan Tower located in the Dubai Marina, Silverene Towers, The Jewels and Dorrabay all located in the UAE, as well as Layaly Compound and Samaya in Saudi Arabia and Broumana Lands in Lebanon. The Group’s prestigious real estate project, Cayan Tower, officially declared by the Guinness World Records as the globe’s tallest twisted tower standing at 307 meters high, has become one of the most important architectural landmarks in the Gulf region.
About Cayan Group: Since its inception, Cayan Group has evolved into one of the Middle East´s leading Real Estate developers and has earned a reputation for developing projects that invariably receive international acclaim. The company maintains offices in Riyadh, Saudi Arabia and Dubai, UAE. Cayan Development’s portfolio features high-rise buildings such as residential complexes, commercial towers & centres, hospitality projects and multipurpose gated communities. Cayan Group has been in the real estate development business since 2004 and has had huge success in achieving its targets and development goals. Its highly qualified team adds value and quality together with unmatched customer satisfaction. Cayan Group enjoys a superior market reputation which will drive continued improvement and success. The Group’s prestigious real estate project, Cayan Tower, officially declared by the Guinness World Records in 2015 as the globe’s tallest twisted tower standing at 307 meters high, has become one of the most important architectural landmarks in the Gulf region.
Cayan Group’s Awards:
- Award for Innovation 2014 - Cayan Tower
- Louis Berger Building Project 2014 - Cayan Tower
- Best Residential High-Rise 2014 - Cayan Tower
- Best Mixed-Use Development 2013 – Samaya
- Best International High Rise Architecture 2007 - Cayan Tower
- Best International Architecture 2006 - Cayan Tower
- Best Development 2006 - Cayan Tower
- Best Developer Website 2006 - Cayan Tower
- Best Architecture 2006 - Cayan Group
- Best Property Marketing 2006 - Cayan Group