FuGen, an international project management and investment company based in UK, today launched its AED500 million Rainbow Towers project in Umm Al-Quwain. The project which comprises of seven towers and 1008 flats/units is targeted at lower income families and individuals who face an unprecedented increase in rents especially in Dubai, and more recently, albeit not as drastically, in Sharjah and Ajman. Its official launch date will be announced at a future date as the project is awaiting municipality clearance.
Investors on the project include, the Bahrain based Venture Capital Bank (VC Bank) the Middle East and North Africa’s (MENA) first specialist venture capital and private equity bank regulated by Bahrain Monetary Agency (BMA) with a paid up capital of USD 66 million and a GCC widespread shareholder base comprising 80 high net worth individuals and corporate investors. Al-Shanfari Group of companies, Oman’s leading business conglomerate, represented by Sheikh Saeed Al-Shanfari, Chairman of Al-Shanfari Group who was the Oman Oil and Mineral Resources Minister in 1993. Al-Shanfari is one of Oman’s biggest business houses, with diversified interests in engineering, transport, logistics, manufacturing, automotives, commercial, tourism and property management, and the UK Based GEM Group.
“The Rainbow Towers project was designed to satisfy a very large gap that has developed over the past two years between peoples’ incomes and the rents that they pay,” said Joni Sukumaran, Managing Director of FuGen Homes. “With rents increasing at a much higher rate than incomes, especially in Dubai and now in Sharjah and Ajman, lower income families and individuals are struggling to make ends meet. Our offering - where studio apartment prices start from AED99,000 - is designed to provide affordable housing in a very well developed and designed community.”
The architectural concept and design was developed by Eronat Engineering Consultancy, an independent firm of consulting engineers, architects and planners, with capabilities covering most fields of engineering, project planning, development and complete design.
Bumimetro Construction, one of the leading real estate development and construction companies in Malaysia, was contracted to undertake the construction of the Rainbow Towers project. Bumimetro is experienced in constructing various types of commercial and residential buildings, including affordable housing complexes.
FuGen Ltd. is an international project management and investment company based in UK, which recently expanded its activities into the United Arab Emirates (UAE) with offices in Umm Al Quwain and Dubai. In association with its investment arm FuGen Homes Ltd in Jersey, and its subsidiary FuGen Homes Umm Al-Quwain Ltd, FuGen Group is planning to develop a number of properties in different Emirates of UAE.
Rainbow Towers is FuGen’s first project in the country and plans are being prepared to take the concept to other GCC (Gulf Cooperation Council) countries as well as north African countries like Morocco.
