Al Fajer Properties
| Private | |
| Industry | Real estate |
| Founded | UAE 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. 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 9 commercial towers and an estimated project value of more than 3 billion, AED.[1]
Company Overview
Al Fajer Properties main office is located on level 6 of the Emirates Towers Hotel in Dubai, UAE.[2] The company is a wholly owned subsidiary of the Al Fajer Group (AFG). AFG was established in 1970 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.[3]
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.”[4] 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.[5]
Shahram Abdullah Zadeh Dr. Shahram Abdullah Zadeh served as the company's Chief Executive Officer from 2004 to 2008. Mr. Zadeh studied general medicine at Masaryk University, graduating from the school’s Faculty of Medicine in 1999. Following his studies at Masaryk University, Mr. Zadeh moved back to Dubai and began working as a real estate agent within Dubai's Iranian community. Dubai's real estate market had been booming and Zadeh had garnered much recognition for himself by quickly turning large profits for his clients. In 2003, Zadeh was introduced to Sheikh Hasher bin Juma'a Al Maktoum, the brother-in-law of Dubai’s ruler. Sheikh Hasher bin Juma'a Al Maktoum, a member of the Royal family was impressed by Shahram Zadeh's work, and in turn, hired him to run Al Fajer Properties. In 2007 Mr. Zadeh received the inaugural CEO Middle East Award in the Corporate Social Responsibility (CSR) category. The award was presented by HE Sheikha Lubna Bint Khalid Al Qasimi, the UAE Minister of Economy during the annual CEO Awards ceremony held at the Madinat Jumeirah.[6]
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.[7] 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.[8]
Notable Developments
Al Fajer Properties is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a five-floor atrium within the lobbies of its towers. The company is nearing completion of its flagship development, nine towers located within the JLT.
Jumeirah Business Center
The Jumeirah Business Center Tower's are a collection of nine free-hold commercial towers being developed in plots G2, V1, Y1, N3, W1, L1, H1, G3, and H3 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). These facilities total a leaseable area of 3,600,000 square feet (330,000 m2) and an additional 150,000 square feet (14,000 m2) of retail space across all nine towers.[9]
See also
References
- ↑ http://www.prlog.org/10270494-al-fajer-properties-releases-progress-report.html
- ↑ http://www.prlog.org/10270494-al-fajer-properties-releases-progress-report.html
- ↑ http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20080313005948&newsLang=en
- ↑ http://www.ameinfo.com/196682.html
- ↑ http://www.ameinfo.com/211131.html
- ↑ http://www.ameinfo.com/136202.html
- ↑ http://www.forbes.com/2009/03/03/dubai-royal-showdown-business_al_fajer.html/
- ↑ http://www.ameinfo.com/211131.html
- ↑ http://www.alfajer.com/index.php