Fortune Group breaks ground to commence work on the AED 500 million ‘Fortune Serene’ project

Awards AED 25 million piling and shoring contract to Arabian Forasol

Dubai, July 2nd, 2006: Senior company officials and project partners of leading real estate development company, Fortune Group today broke ground to commence work on Fortune Serene, their first-of-its-kind freehold residential project at the International Media Production Zone (iMPZ). A cluster of two mid-sized towers, this project is the first freehold residential project in Dubai’s exclusive media community and will combine luxury, glamour and affordability.

Leaders in advanced foundation technology, Arabian Forasol have been awarded the AED 25 million piling and shoring contract for this prestigious project. The ground breaking ceremony was attended by Mr. Ahmed Khoory, Chairman – Fortune Group, Mr. Syed Muhammad Ali, CEO - Fortune Group, Mr. Mohsin Pardesi, Director Business Development – Fortune Group, Mr. Gabriel E Layhani, General Manager - Arabian Forasol, Mr. Hesham Al Ghani, CEO – Dimensions Engineering, Mr. Fahad Hareb, Operation Manager – IMPZ, Mr. Fahad Al Khaja, Assistant Manager – Leasing Department among other senior officials.  

Speaking at the ground breaking ceremony, Mr. Ahmed Khoory, Chairman, Fortune Group said, “Fortune Serene is indeed a unique project which surely adds significant appeal to the lifestyle that iMPZ will offer. We have believed in working with the best project partners and the esteemed presence of all of them today reiterates high commitment levels.”

“The foundation is an integral phase of any project. We believe that all we have to offer on our projects is based on strong foundations. We have chosen Arabian Forasol after a very rigid evaluation process. Their strong credentials, experience and expertise in foundation technology proved to be a right fit for us. Arabian Forasol will complete all foundation enabling works including shoring, excavation and piling.” Said Mr. Khoory.

Commenting on the project, Mr. Muhammad Ali, CEO - Fortune Group said, “The twin-tower Fortune Serene is based on a unique concept that blends glamour and luxury. A distinctive feature of this high-end development is its affordability. Through this project, Fortune Group offers investors a high life in the heart of the Middle East’s global media hub. This prestigious AED 500 million project will cover a total built-up area of over 1,000,000 sq. ft.”

Commenting on the win, Mr. Gabriel E. Layhani, General Manager - Arabian Forasol said “Fortune Group has to its credit some of Dubai’s pioneering developments including the world’s tallest commercial tower. It is indeed an honour for us to be a part of their   projects. We have commenced work on Fortune Serene and look forward to complete our project successfully on schedule.”

Fortune Serene offers a total of 500 high-end Studio, 1 & 2 Bedroom apartments that embody finest design and meet every standard. The project’s strategic location in iMPZ will lend luster to the glittering lifestyle on offer. Besides beautiful interiors, Fortune Serene will include a health club, spa and sauna, retail facilities that will include a food court, state-of-the-art security systems, a swimming pool, lush gardens, children’s playground among other features and facilities.

Launched in April 2005, the two modern residential buildings which make up this development will provide all residents a chance to unwind in the peace and tranquility on offer. Piling work on the project has already begun and the project is expected to be completed by March 2010.

Arabian-Forasol enjoys an unmatched record across its vast regional experience in specialized foundation engineering. An affiliate of Switzerland's Forasol International, the company is attuned to all technological advancements in its business and complies with rigid quality standards across its core business of piling and shoring technology. Arabian-Forasol Foundations LLC is a member of the Al Ghurair Group of Companies.

Located over 43 million sq. ft. of land along Emirates Road, the International Media Production Zone (iMPZ) is an initiative of Dubai Media City that aims to create a large cluster of media production companies. The Zone will provide a rare combination of cutting-edge technology infrastructure, the finest conventional production facilities and easy access to world-class logistics facilities. This is expected to raise the competitiveness of the region’s media production industry by facilitating efficiency and cost effectiveness.

Fortune Group’s current investments in Dubai real estate is valued at over AED 6.3 billion across seven exclusive commercial and residential freehold projects. An integral part of Dubai’s freehold market, the Fortune Group has developed the most innovative residential and commercial spaces in the Emirate. Burj Al Alam, the world’s tallest commercial tower is the Group’s most recent and significant project development coming up at Business Bay. Other group projects are located at Jumeirah Lake Towers, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone.