Solanki Holding To Invest Dh12B In Real Estate Development

Despite economic fears in the sector, Solanki Holding and Investments yesterday launched Solanki Real Estate, with around Dh12 billion in planned investments. Their flagship development will be a Dh9 billion project at Al Marjan Islands in Ras Al Khaimah. This development will comprise 1,500 apartments, 100 villas, commercial units, around 1.5 million square feet of retail space and a hotel. Discussions are ongoing to determine who will operate the hotel. The six million square foot development will be launched in three phases, with phase one scheduled to be in the next three to four months, depending on the market conditions. Surprisingly buoyant, given the current state of the property sector - which is battling job losses and a distinct lack of fin-acing - Solanki said the long-term picture is bright.

I am confident that banks will definitely facilitate financing," Solanki said. Other future developments include projects in Dubai Silicon Oasis, Dubai land, Jumeirah Village and International City. The International City phase one is valued at around Dh80 million and comprises 140 units over 10 storeys. Around 60 per cent of this project is now complete, according to Abdul Rahman Esmail Solanki, chairman of the company. However, while Solanki will not launch any project now, they are confident about the GCC market, and the UAE in particular, as the fundamentals are all here", said Emad Pattni, CEO of Solanki Real Estate.