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Al Fajer Properties Completes Restructuring; Adapts New Strategy

DUBAI — Al Fajer Properties (AFP) announced the successful completion of its restructuring plan for the company, which commenced in early 2008.

Under the leadership of its newly appointed president,Shaikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted, whereby the previous management was disbanded and a new management team and strategy put into place.

The new strategy involved liquidating the company’s substantial land bank valued at Dh 800 million, and generating additional sales from existing inventory of Dh 2.4 billion, bringing the total value of mitigated risk down by Dh 3.2 billion for the company.

The company saw an accelerated construction plan delivering a 7-day cycle per floor, which had never been achieved before for phase 1 (towers 1 - 5 of its 9 commercial towers) within the Jumeirah Lakes Towers (JLT) community.

Phase 1 is due for completion in the last quarter of 2009 and phase 2 (towers 6 - 9) scheduled to be online on or about the same time the following year.

The company also initiated the implementation of new policies and procedures, bringing the company up to date with international financial standards and in line with updated RERA (Dubai Real Estate Regulatory Agency) rules and regulations.
 —business@khaleejtimes.com