(MENAFN- Khaleej Times) Business group to launch Dubais second tallest tower breaks ground for RP Heights
Dubai — RP Global a part of RP Group of Companies on Tuesday forayed into the Dubai real estate market by launching a Dh1.5 billion multi-storey residential tower RP Heights.
Ali Ibrahim Ravi Pillai and Robert Booth advisor to the chairman and CEO of RP Group of Companies; during the ground breaking ceremony of RP Heights in Dubai on Tuesday. — KT photo by Juidin Bernarrd
The global business conglomerate which has an annual turnover of over $4 billion on Tuesday broke ground on its first project in Dubai in the presence of Ali Ibrahim deputy director-general for executive affairs at Dubai Department of Economic Development guests and media.
Talking to Khaleej Times chairman and CEO of RP Group of Companies Dr Ravi Pillai said his group is investing Dh5.5 billion to develop two projects in Dubai.
He said the first project RP Heights to be ready by 2017 would feature 268 luxury residences in a mix of studio one- two- and three-bedroom apartments in addition to luxurious penthouses on the upper floors.
The second project RP One costing Dh4 billion would be a mixed-use development on Shaikh Zayed Road that will define the Dubai city skyline.
“RP One will be the second highest building in Dubai after the Burj Khalifa. The landmark development to be launched later this year will have 100-plus floors” Dr Pillai told Khaleej Times.
The RP Group of Companies is one of the largest employment providers in the Middle East and has over 85000 employees which is set to increase to 100000 by end-2015. The group has executed projects worth over $25 billion globally and has 26 business entities in 20 cities across nine countries with a track record in heavy civil and building works over the last 20 years.
“Our expansion into real estate development complements our core competencies in construction and infrastructure projects” said Dr Pillai.
The group has executed over 130 projects for clients including Saudi Aramco and its affiliates Sabic and its affiliates Qatar Gas Ras Gas Adnoc Abu Dhabi Oil Refining company Sipchem Shell Exxon Mobil Total Refinery Dow Chemicals Qatar Petroleum Oryx GTL Dolphin Energy and Kuwait National Petroleum.
“We are constructing RP Heights in Downtown Dubai on land owned by RP Global and using our own internal financial resources. This demonstrates our commitment to delivery and to establishing our distinct identity in Dubai’s property development sector” Dr Pillai said.
He said that the group’s decision to diversify into property development in Dubai is led by the robust growth and economic fundamentals of the city.
“With the current population of over two million expected to grow to three million by 2020 and the city’s status as a business and leisure hub the property sector of Dubai has strong growth prospects.
“The strategic growth initiatives announced by His Highness Shaikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai has boosted international investor confidence. Today Dubai is one of the world’s best investment destinations for property compared to Singapore or Mumbai” Dr Pillai said.
RP Group of Companies has a strong presence in six high-growth sectors including property development construction and infrastructure development education healthcare hospitality and trading. Their areas of expertise include oil and gas petrochemicals ferrous and non-ferrous plants heavy industrial buildings high-rise buildings and infrastructure facilities.
With a presence of over 40 years in the GCC region the group is also further scaling up its hospitality business in the UAE with two new hotels in Dubai Marina and Bur Dubai.
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