Al Fajer Properties

Al Fajer Properties, L.L.C.
Private
Industry Real estate
Founded UAE 2004 (2004)
Headquarters Dubai, U.A.E.
Area served
 Worldwide
Key people
 Sheikh Hasher Maktoum Al Maktoum (President and CEO)
MUBARAK EISA (GM)
Website Al Fajer Properties

Al Fajer Properties, L.L.C. (AFP), was established in November 2004 as a wholly owned subsidiary of Al Fajer Group (AFG) founded in the year 1970. The company provides property development services throughout the United Arab Emirates (UAE) and has gained recognition for its work in the Jumeirah Lake Towers Community, which consists of 5 commercial towers. The Jumeirah Business Center (JBC) series of commercial towers has fast become the place to be for businesses operating in the Jumeirah Lakes Towers (JLT) free zone.

Company Overview

Al Fajer Properties main office is located on level 43 of the Jumeirah Business Centre 1 in Jumeirah Lake Towers Dubai, UAE.[1] AFG was established by its Group President Sheikh Hasher Bin Maktoum Al Maktoum, His Highness. Since his appointment of CEO of the group in 1998 the company has grown to a diversified business entity delivering several services to a wide range of international clients. Al Fajer Group reportedly has 18,000 employees and an annual group turnover of AED 5.8 billion.[2]

Key People

Sheikh Maktoum Hasher Al Maktoum took over as Al Fajer's CEO in 2008 and currently holds this position. He is the son of His Highness, Sheikh Hasher Bin Maktoum Al Maktoum, the group's president. Sheikh Maktoum received his BS/BA from Suffolk University in Boston. Since that time some of his biggest success stories include being one of the founding investors of Virgin Megastores in the UAE (which has now grown to hold a major market share in the region) followed by the creation of the global brand “A1 Grand Prix.”[3] Sheikh Maktoum Hasher Al Maktoum was awarded the 'CEO of the Year' honour in the property sector for the Mena region for his successful restructuring of Al Fajer Properties resulting in an incredible turnaround of the company and highly accelerated delivery of its flagship project.[4]

Restructuring

On February 3, 2009, Al-Fajer Properties (AFP) announced the dismissal of its CEO, Shahram Abdullah Zadeh, as well as a 3.2 billion dirham ($871.2 million) restructuring of AFP's business operations. Sources close to Al-Fajer reportedly told Forbes magazine that the appointment of Sheik Maktoum bin Hasher al-Maktoum as AFP's new chief was an overdue response to nearly three years of alleged mismanagement headed by Shahram Abdullah Zadeh.[5] Since his appointment in early 2008 as President of Al Fajer Properties, H.H. Sheikh Maktoum charted out an aggressive managerial and financial restructuring strategy which resulted in strengthening the balance sheet of the company by Dhs3.2bn. After restructuring, the company was able to focus on delivering its existing projects and operations successfully. Sheikh Maktoum's achievements included bringing the company under full international accounting standards and making it fully compliant with all RERA rules and regulations.

Under Sheikh Maktoum Hasher Al Maktoum's leadership, Al Fajer Properties was one of the first developers to register its customers on the RERA OQOOD system and was also the first to perform a property transfer within the OQOOD system. Other major achievements also included being the first developer to release independent third party construction progress audit reports achieving the highest level of transparency and building 200 floors in one year.[6]

Notable Developments

Al Fajer Properties is the premier developer in the Jumeirah Lakes Towers (JLT) community and is the only developer to include a five-floor atrium within the lobbies of its towers. The company has delivered five of its flagship towers, Jumeirah Business Centre series, located within the JLT.

Jumeirah Business Center Towers

The Jumeirah Business Center Tower's are a collection of five free-hold commercial towers being developed in plots G2, V1, Y1, N3 and W1 of the Jumeirah Lake Towers (JLT) Community in Dubai, UAE. The towers were designed by National Engineering Bureau and are being developed by Al Fajer Properties (AFP).

JBC 1

Type: Commercial Freehold

No. of floors: 44

Office Units: 1032 Sq ft

Retail Area: 325 to 4,050 Sq ft

Overview: Located in the heart of Jumeirah Lake Towers, Jumeirah Business Centre 1 (JBC 1) is Al Fajer Properties flagship development. This 44 storey tower offers 300 commercial Units for sale and lease as well as retail units and a host of features and facilities including restaurants and coffee shops. JBC 1 is in close proximity to the Jumeirah Lake Towers metro stations and has access to the Sheikh Zayed Highway linking other major business hubs. With Jebel Ali Freezone, Jebel Ali port and the Al Maktoum International Airport being 10 minutes away.

JBC 2

Type: Commercial Freehold

No. of floors: 39

Office Units: 1032 Sq ft

Retail Area: 597 to 2,597 Sq ft

JBC 3

Type: Commercial Freehold

No. of floors: 39

Office Units: 1032 Sq ft

Retail Area:1030 to 2220 Sq ft

JBC 4

Type: Commercial Freehold

No. of floors: 39

Office Units: 1032 Sq ft

Retail Area: 1000 to 2160 Sq ft

JBC 5

No. of floors: 39

Office Units: 1032 Sq ft

Retail Area: 1280 to 2160 Sq ft

See also

Jumeirah Business Center

References

  1. ↑ http://www.prlog.org/10270494-al-fajer-properties-releases-progress-report.html
  2. ↑ http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20080313005948&newsLang=en
  3. ↑ "{title}". Archived from the original on 2011-06-07. Retrieved 2010-11-18.
  4. ↑ "Archived copy". Archived from the original on 2011-08-22. Retrieved 2010-11-18.
  5. ↑ https://www.forbes.com/2009/03/03/dubai-royal-showdown-business_al_fajer.html/
  6. ↑ "Archived copy". Archived from the original on 2011-08-22. Retrieved 2010-11-18.
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