Rani International, the real estate development subsidiary of the Saudi-based Aujan Group, has announced that foundation work is under way on the Dh800 million ($217.8 million) joint-venture project with the Oberoi Group, one of the world’s luxury hotel brands.

Comprising two 30-storey towers at the entrance to Dubai’s Business Bay, the complex is scheduled to be completed in the last quarter of 2009.
One of the towers will house a 249-room luxury Oberoi Hotel, which will be operated by the Oberoi Group. The second tower will offer commercial space. This development will be a gateway to Business Bay, and is expected to be one of the most prestigious and recognisable complexes in Dubai.
“Working in partnership with the Oberoi Group to create these landmark towers underscores the commitment of Rani International to contribute a high-end product for the hospitality sector in Dubai,” says Maher Aujan, managing director of Rani International. “We can confirm that this important project, which will provide Dubai with more than 100,000 sq m of mixed-use space, is on track for the stated completion date.”
Rani International has engaged 15 world-class architects and designers to execute the interior and exterior design of the development. The towers will be modern and visually striking, combining form, function and a commitment to quality and innovative design.
“The Business Bay project marks a milestone for us, as this will be the first Oberoi-branded property within the UAE,” said Oberoi Group chairman, PRS Oberoi.
The group plans to open five additional luxury hotels in the region, in Morocco, Egypt, Abu Dhabi and Oman.