Rani International, the real estate development unit of Saudi-based Aujan Group, will build its first luxury hotel in Dubai as part of its Dh800 million project in Business Bay.
The 249-room hotel will be managed by Oberoi Group, an Indian luxury hotel chain.
The Oberoi Centre and Office Building project, comprising two 30-storey towers, is scheduled to be completed in the last quarter of 2009.
It covers 11,000 square metres and will have a total built up area of 104,000 square metres.
Office space in the commercial tower will be sold on a free-hold basis, said Maher Al Aujan, managing director of Rani International.
The contract for enabling works has been awarded to Dutch Foundation Company and the main contract is expected after five months.
Rani International is now looking at another real estate project worth about Dh350 million.
"It is going to be mixed-use between commercial and residential," Al Aujan told Gulf News.
The diversified Aujan Group's portfolio includes a number of industries, including bottling and distribution for soft drink brands Rani, Hani, Vimto and Barbican.
Aujan owns and operates Rani Resorts, which runs six luxury properties in the southern African region. It also has private game reserves and beach destinations on the East African coast.
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