Al Fajer Properties Successful Performance Now Measurable

Dubai, June 3, 2009: Al Fajer Properties is pleased to announce that its performance-based
direction is now measurable by an established construction standard whereby attaining the
highest level of transparency on its projects.
The developer is happy to announce that it has undergone a voluntary construction audit carried
by a RERA (Real Estate Regulatory Agency) approved independent third party. The results of
which confirms that work on phase 1 has neared 80% completion and 15% of construction has
been completed on phase 2 (including the Ebony and Ivory Towers) with work continuing.
Progress on the project will be available on the official RERA website shortly. The audit affirms
that Al Fajer properties have attained the highest level of transparency and is in full compliance
with all RERA rules and regulations.
The impressive turnaround of the company started with an aggressive managerial restructuring
that set a new direction for itself in early 2008. This was followed by a financial restructuring
that resulted in a strengthening of the balance sheet by AED 3.2 Billion. The restructuring
involved removal of inefficiencies and strengthening of the company’s operational capabilities
culminating in a four day construction cycle per floor and the building of Phase 1 in record time.
Phase 1 is due for hand over in the last quarter of this year.
As a result of this operational excellence, AFP has also become the first developer in Dubai to use
the Oqood system in its entirety demonstrating the highest level of compliance.
Confirming this milestone achievement, His Highness Sheikh Maktoum bin Hasher Al Maktoum,
President of Al Fajer properties, said: “Often times in the past, a minority of companies in the
sector, were led by brokers and sales agents who did not adhere to sound business
methodologies as it was very easy to sell real estate due to the excessive demand. However,
today Dubai like any developed economy is returning to fundamentals. I believe those companies
with a strong focus on management and performance as their core competencies will be able to
excel in the current market conditions. I am confident that we will continue to deliver measurable
results through our performance and dedication. “
His Highness further went on to commend RERA on its proactive approach helping to achieve full
transparency in line with RERA’s goals and aspirations for the real estate sector. “We applaud
RERA in helping to further boost investor confidence. We believe that the Dubai market has
matured and is best positioned to take advantage of any market recovery even though we may
still face difficult times for the remainder of this year. We believe that we have past the bottom
in terms of bargain property prices for completed projects and projects under construction. With
the introduction of third party construction auditors by RERA and publication of their results,
RERA is in mid stream of changing Dubai’s real estate market to a factual and rational one,
maintaining the highest level of transparency,” said His Highness Sheikh Maktoum Bin Hasher.
Over the past few years RERA has been diligently working with the Dubai Land Department,
developers and its preferred partners to bring transparency and clarity to Dubai’s burgeoning real
estate market. In a market ruled by disinformation the completion of such a voluntary exercise
by AFP over the last month only further helps to prove the facts on the ground showcasing the
concrete results achieved by the new management team.
Ends
Al Fajer Properties (AFP)
Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of
AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The
company is currently in the process of developing its flagship project which consists of 9
commercial towers located in the Jumeirah Lake Towers Community. With an estimated project
value of over AED 3 billion the company has positioned itself to become a leading player in the
fastest growing real estate market in the world.
Dubai Real Estate Regulatory Authority (RERA)
RERA, Real Estate Regulatory Authority, part of the Dubai Land Department is a nodal agency
that formulates, regulates, manages and licenses various real estates related activities in Dubai.
RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed Bin Rashid Al
Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
RERA envisages a transparent and effective regulatory environment in which various entities
pertaining to real estate can conduct their business. As part of this vision, RERA would like to
create an online community and marketplace thus enabling various categories of stakeholders to
interact and transact with each other and with RERA
Dubai Land Department (LD)
The Dubai Land Department was established on January 24, 1960. LD has developed in sync with
the rapid growth of Dubai. The number of lands registered at LD exceeds 50,000 plots all over
the emirate. The process of registering real estate data is entirely computerised. All procedures
related to sale, purchase, and mortgage are conducted electronically. The LD has left the era of
manual work behind, keeping pace with advanced technology, which allows the department to
provide clients with quality and time-efficient service. The LD places a high premium on customer
care. Most clients are either UAE nationals and or GCC investors. The Dubai Land Department
continuously strives to keep up with the development and prosperity of the emirate under the
rule of His Highness Sheikh Mohamed bin Rashid Al Maktoum.