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Escan Properties, the newly established property developer, has signed an agreement with Riyadh Golden Investment and Development Establishment to manage and market Fujairah Paradise.
The agreement was signed by Hamad Salem Al Nuaimi, board chairman of Escan, with Saudi businessman Shaikh Mehwis Bin Ali Al Mehwis, board chairman of the Riyadh Golden Investment.
Fujairah Paradise, Escan's first real estate tourism project, will be built in Fujairah for Dh2 billion.
Consisting of 1,000 luxurious villas, a five-star hotel and a shopping centre, the complex will be located on the coast near the Meridian Hotel in Dibba Al Fujairah.
Escan and the Saudi company plan to develop property projects worth more than Dh10 billion and will initially focus on tourism and entertainment, Al Nuaimi said.
Al Nuaimi said company guaranteed owners of villas who wished to rent them a monthly revenue of Dh20,000 to Dh40,000.
Escan had entered into an agreement with a leading international company specialised in the hotel industry to rent villas to tourists.
Work on Fujairah Paradise will begin in March and it will be ready by 2006, said Shaikh Mehwis.
The city management has decided to grant each owner a small Golf car, which he will be given on the purchase of a villa.
Via Gulf News
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