Developer lauded for construction of property in Dubai

A United Arab Emirates real estate company has been honoured by the state for its role in developing property in Dubai.

Memon Investments has been praised by Sheikh Majid bin Mohammed bin Rashid Al Maktoum, chairman of the Dubai Culture and Arts Authority, for its contribution to the emirate's economy through real estate ventures.

Rizwan Shaikhani, joint managing director of the company, says he is proud to have contributed to Dubai's success as a business and financial centre.

"With construction progressing rapidly on our projects, we are looking forward to the prompt delivery and handover of our residential and commercial units," he says.

The organisation was honoured at the Vision of Dubai in the Promising New Generation ceremony, which was also attended by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Projects currently under construction by the company include four Champions Tower buildings and the Frankfurt Sports Tower I in the Dubai Sports City.

Marwan Bin Galita, chief executive of the Real Estate Authority, recently revealed rent cuts in the emirate of up to 50 per cent could see potential investors picking up bargain property in Dubai.