Ishraqah for Development Ltd. has announced that it has introduced a fast track construction program for its iconic The Onyx project. The major freehold development, which is located near the Greens and Emaar Business Park on Sheikh Zayed Road, has had nine floors completed so far, with the entire development expected to be completed by the last quarter of 2015.

“It is with great pleasure that we announce that construction work on The Onyx is in full swing and we are working very closely with Al Shafar General Contracting (ASGC), the project’s main contractor, to ensure that we are on course for project completion by early Q4 2015,” said Mr. Ammar Sweis, CEO, Ishraqah for Development Ltd.

“The Onyx is an exclusive three-tower mixed use development with a total cost of Dhs1.3bn, a total built up area of approximately 2 million square feet and a plot area of approximately 237,000 square feet. The project consists of two office towers and a four-star business hotel. In addition to a three storey Podium of restaurants and retail shops covering an area of nearly 80,000 square feet. Located opposite Media City, its mixture of office space and hospitality facilities will enhance an important freezone area that is the hub of the region’s media industry. Its position directly adjacent to Sheikh Zayed Road means easy access to all areas of the city,” he added.

Towers one and two of The Onyx have each reached level nine, with tower three reaching level four. Ishraqah recently reached another significant milestone relating to the development by awarding the renowned Finnish elevator manufacturer, Kone, and architectural façade specialists, Alumco two major contracts. Kone will supply two escalators and 24 high-end elevators to service the development, with Alumco providing aluminium-glazed curtain wall system, as well as other cladding and panelling applications. “We are delighted to work with both companies to ensure world-class standards for our Class A mixed-use development,” added Mr. Sweis.

Ishraqah for Development Ltd. was established in 2006 as a strategic alliance between two prominent Gulf business groups, Zahran Group and Bin Mahfouz Group, to pursue opportunities in the regional and international property markets. The Onyx represents Ishraqah’s second large project in Dubai after the successful completion and handover of the Seasons Community in Jumeirah Village which consists of 773 units of residential apartments, townhouses and retail stores. The real estate organization and its sister companies currently manage a portfolio of projects and developments worth over Dhs5bn covering the UAE and KSA markets. The group has offices in Dubai, Riyadh and Jeddah.