Work to start on newly revealed Dubai skyscraper Dubawi
Construction work on a new $410 million skyscraper located on Sheikh Zayed Road will start soon, Shuaa Capital has announced.
The concept was developed by N Studio, the architectural and interior design practice of Northacre, London, a high-end residential developer that has delivered over 1,000 homes and apartments in Prime Central London over the past 25 years.
Designed as a mixed-use hotel and residential tower to address demand in the UAE’s residential, tourism and hospitality sectors, Dubawi will feature 500 hotel rooms and serviced apartments sharing amenities with the hotel, as well as over 500 apartment units and penthouses.
Fawad Tariq-Khan, general manager of SHUAA Capital, said, “Located adjacent to Dubai’s iconic Sheikh Zayed Road and near to many of the city’s key commercial and leisure hot spots, Dubawi will evolve into a landmark in its own right thanks to its scale, world-class design and amenities.
“We are excited to move forward with this project, which will build on SHUAA’s experience in real estate while opening up new frontiers in a key sector of the UAE economy.”
The news comes as Shuaa Capital recently reported that total revenues increased by four percent to AED33.2 million in the first quarter of 2018 but profits retreated to the AED11.7 million mark, less than half of the AED24.8 million seen a year earlier.
The company said this was primarily as a result of lower interest income from its lending arm, as a result of aggressive de-leveraging in bank debt in Shuaa’s lending subsidiary Gulf Finance Corporation.
Its real estate arm responsible for Badawi made AED8.9 million in revenues in Q1, an increase of 56 percent, with the division’s profits up 204 percent to reach AED4.1 million.
The unit said it is in the process of completing construction of a third project in Saudi Arabia in the city of Dammam while construction works on a new mixed-use residential compound in Riyadh known as Wadi Al Hada has also started.