Tarek Kandil Interviewed by EMIRATES BUSINESS 247 - June 2008 - (English)

Define plans Waterfront projects

DUBAI

Define Properties, a Dubai based real estate developer, will launch three projects worth Dh8 billion in Nakheel's Waterfront development this year, a top company executed said.
"We will soon launch one residential and two mixeduse projects in Waterfront. We have finalised schematic design for these projects and escrow accounts have been opened with HSBC and Dubai Islamic Bank," define President and chief Executive Officer Tarek Kandil told Emirates Business.
The cmpany, which has been promoted by four UAE based business, has an initial paid-up capital of Dh500 million and has acquired 12 plots in Waterfront and one in Business Bay.
According to Kandil, Define has already initiated work on its Niki Lauda twin tower in Business Bay. "We sold our Niki Lauda twin towers during our set-up phase and started enabling and foundation works during the same month. Our planned completion is during the third quarter of 2010 and we are well on shedule," he added.
Niki Lauda twin tower was branded. marketed and sold by ACI real Estate, an affiliate of Germany-based Alternative Capital Investments, which is developing Michael Schumacher Business Avenue and Boris Becker Business Tower.
The company is made up of nine specialised departments, which include developments, finance, construction, sale and marketing, legal affairs, administration and goverment relations, facility management, human resoursec and information technology.
"We have assembled a team of highly specialised professionals who will market to fulfill our mission and objectives and to redefine the property cycle from beginning to end,"
Kandil said ther is stil a lot of opportunity in the Dubai market. define plans to expand its reach to other emirates and nieghbourin countries, Kandil said. The company will also enter joint ventures and announce three more projects soon. (Parag Deulgaonkar)