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Bonyan Group to launch tallest hotel in the world

So we are planning to launch projects worth more than Dh8 billion in the region over the coming few months,” said Tariq Ramadan, group general manager, Bonyan International Investment Group, the new face and identity of Dar International for Development (DAR), the Dubai based real estate company at a press conference held yesterday at Emirates Towers.

He also announced that Bonyan International will launch the tallest hotel tower, The Park Square Tower with 150 floors in Dubai within a few months which once completed in 2010 will be the tallest hotel tower in the world and second highest tower across the globe.

The group general manager also highlighted the details of the 'Park Square' Tower project which will be in partnership with KM properties (a member of Al Rostamani Enterprises) and will stretch over 1.4 million square feet of land centrally located in the prime commercial area of Shaikh Zayed Road and most importantly near the Dubai Metro station.

Regarding the reason for choosing this area which already has plenty of hotels, he said: “ Park Square Tower is an ambitious project that comes at a time when the hotel industry is booming and the demand for luxury hotels in Dubai is at its peak. With Dubai gaining recognition as a leading tourist destination and 15 million tourists projected to visit the city by 2010, the time is ripe for us to tap the potential of this growing sector.’’

Though currently planned to be built as a complex comprising of a series of hotel and furnished hotel apartments, which will be available for sale, the company has announced that it is open to discuss opportunities with investors and hotel operators looking at other feasible business options, which could include multi-franchise hotels in the same tower.

When asked about the reason for the new identity, Ramadan told Khaleej Times, “ A new corporate identity is in line with the company's vision to have a single identity to consolidate the group of companies that work under the same umbrella, which include the National Investments Company, Al Ayaan Group of Companies and the Feasibility Group.’’

He further added: “The recent rebranding has been done to create a strong platform for local and regional expansion of the company, and the name 'Bonyan' is inspired by our company's mission to build dream homes and landmark properties that are unique and innovatively designed. ’’

Regarding the other projects in the pipeline he told the press, “ The company will develop many projects in the region which includes the Furniture City, the International Real Estate Centre, the Lagoon Plaza, Rose Rotana suites in the next few years.’’

Both Furniture City and the International Real Estate Centre are multi-billion dollar projects reflecting the future design direction of modern architecture that aim to put Dubai in the spotlight by world spectators.

Furniture City will feature the world's largest sofa and the Financial Real Estate Centre aims to set a benchmark of creativity by building the world's largest globe.

Since its inception in 2002, Bonyan International Investment Group has already witnessed tremendous growth and currently has offices in Dubai, Abu Dhabi, Oman, Qatar, Riyadh, Lebanon and Jordan.