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The Warsaw Voice » Real Estate » April 2, 2008
The Real Estate Voice
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Kulczyk Invests in Dubai Luxury Offices
April 2, 2008   
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Kulczyk Investment House, a international investment group, is starting a project in Dubai in partnership with Al Fajer Properties, one of the leading real estate firms in the United Arab Emirates. Their first joint venture involves earmarking $63 million for a luxury office complex.

The sides signed a partnership contract on March 13 and have committed themselves to an initial investment of some $63 million, or some zl.143 million, in a complex of five luxury office buildings, the Jumeirah Business Centre Towers, within the prestigious Jumeirah Lake Towers Community in Dubai. The two firms will also both actively search for other real estate investment opportunities in the UAE, Middle East and North Africa.

Real estate is one of Kulczyk Investment House's strategic investment portfolios. In it the group already has two large office buildings in Warsaw, at 85/87 Chmielna St. and 24/26 Krucza St., and a prestigious building at 62 Wspólna St. Kulczyk Investment House announced in December plans to build continental Europe's highest skyscraper in Warsaw. Currently Kulczyk is waiting for permission and conditions from the city authorities.

Manoj Narender Madnani, managing director and board member of Al Fajer Properties, said of the joint project: "The choice of Dubai for the site of the project is no accident. It is a city whose development is based on high standards, and thanks to a visionary ruling family, it has the potential to create exceptional economic growth."

Kulczyk Investment House is an international investment group, set up in 2007, whose goal is to achieve a leading position in Central and Eastern Europe.

Its roots are in Kulczyk Holding, a company dating from 1991 that was created by Polish tycoon Jan Kulczyk. To date Kulczyk Holding has completed projects worth over $ 3 billion in strategic sectors of the economy such as energy, fuel and gas, breweries, infrastructure and real estate.

Al Fajer Properties LLC, created in November 2004, is a subsidiary of the Al Fajer Group. It is one of the leading developers in the United Arab Emirates. The Jumeirah Business Centre Towers project in the prestigious Jumeirah Lake Towers Community is its flagship project and the first of its kind in the region.
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