|By TAP Staff| RP Global – part of RP Group of Companies, a global business conglomerate with an annual turnover of over US$4 billion – made its entry into the Dubai real estate market by breaking ground on its new multi-storey residential tower project RP Heights.
RP Global will initially develop two prestigious projects in the heart of the city with a total development value of over AED 5.5 billion (US$ 1.5 billion). RP Heights, the first project in Downtown Dubai is a multi-storey residential tower near the Dubai Mall. It will feature 268 luxury residences in a mix of studio, 1, 2, and 3-bedroom apartments, in addition to luxurious penthouses on the upper floors.
The group also announced plans to launch its second project named RP One in the second half this year. This AED 4 billion development is situated right behind the Business Bay Metro Station, and will feature a mixed-use tower.
“Our expansion to real estate development complements our core competencies in construction and infrastructure projects,” said Dr. Ravi Pillai, Chairman & Chief Executive Officer of RP Group of Companies. “The key differential of RP Global is our group’s ability to bring unmatched development synergies through our own construction firm, Gulf Asia Contracting. This will ensure strong economies of scale, the highest standards in construction and a firm delivery schedule. We will pass on this additional value to our customers, who will become part of truly world-class developments built to the highest standards of quality and sustainability.”
With a geographical footprint across the Middle East, Asia, Africa and Australia, the RP Group of Companies is one of the largest employment providers in the region and has over 85,000 employees, which is set to increase to 100,000 by end-2015. The Group has executed projects worth over US$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.
The group has executed over 130 projects for clients including Saudi Aramco and its affiliate SATORP, SADARA Petrochemicals, YASREF, 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.
Dr. Pillai said that the Group’s decision to expand to property development in Dubai is led by the robust growth and economic fundamentals of the city. “With the current population of over 2 million expected to grow to 3 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 Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister 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 explained.
“RP Global’s vision is to be one of the most innovative and trusted developers of distinctive real estate concepts globally by creating innovative lifestyle concepts distinguished by excellent design, superior build quality, timely delivery and delightful after-sales experience,” he pointed out.