Abu Dhabi: Hyderabad-based real estate developer Tricolour has opened its first overseas office in Dubai and it plans to create 3,000 jobs over the next three years, the company said in a statement on Wednesday.
The company has signed a deal with the private office of Sheikh Ahmed Bin Faisal Al Qassimi for commercial and residential property development in the emirates.
A Memorandum of Understanding (MoU) was signed on December 28 in Dubai by Chandan Kumar Jha, Chairman and Managing Director of Tricolour; Ranjan Kumar Jha, Executive Director of Tricolour Group and Tomasz Zaleski, Chairman of the Private Office of H.H. Sheikh Ahmed Bin Faisal Al Qassimi and Salwa Abdul Aziz Zein, CEO.
Chandan Kumar Jha, chairman and managing director of Tricolour said, “With our vast property development portfolio in India’s six major cities, we are delighted to partner with Sheikh Ahmed Bin Faisal Al Qassimi’s office to bring more projects and our expertise here in the UAE,” Gulf News reported.
Jha said that Tricolour’s projects will also create up to 3,000 jobs in the UAE in the next three years. In terms of real estate, huge construction projects will be undertaken, not only in Dubai but other parts of the world, like Africa.
For her part, Salwa, the CEO of the private office of Sheikh Ahmed bin Faisal Al Qassimi, said real estate development projects are currently underway in Abu Dhabi, Al Ain, Sharjah, Dubai and Ras Al Khaimah.
“Real estate development is one of the biggest businesses here in the UAE and we are so happy that we are going to be using the know-how of our new partner to bring a new flavour of work between UAE and India,” Salwa said.
Tricolour will develop hotels in Dubai and Abu Dhabi, as well as residential projects, commercial space and leisure facilities in all UAE.
Tricolour Properties Private Limited is a non-government company, was established in Hyderabad, India on February 10, 2010.
Tricolour Properties Private Limited is majorly in the construction business for the last eleven years and currently, company operations are active. Current board members and directors are Chandan Kumar Jha and Ranjan Kumar Jha.