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Al Fajer Group

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Al Fajer Group
Company typePrivate
IndustryHolding companies
FoundedUAE 1970 (1970)
Headquarters
Dubai
Area served
Worldwide
Key people
Sheikh Hasher Maktoum Al Maktoum (President and CEO)
MUBARAK EISA (GM)
WebsiteAlFajer.com

Al Fajer Group Dubai, United Arab Emirates (U.A.E.)is a nationally owned holding company established in 1970 by Sheikh Hasher bin Maktoum Al Maktoum of Dubai's ruling family. As stated on the company's corporate website, "Al Fajer's company policies and objectives will always be dedicated to the economic growth and global recognition of a young nation."[1]

Overview

Al Fajer Group (AFG) was established in 1970 by its Group President Sheikh Hasher Bin Maktoum Al Maktoum, His Highness. Since his appointment of CEO of the group in 1998 the company has grown to a diversified business entity delivering services to a wide range of international clients. Al Fajer Group reportedly has 18,000 employees and an annual group turnover of AED 5.8 billion. The Group's business interests to date have now placed it as a market leader with the following national companies incorporated under its umbrella; Al Ahmadiah Contracting & Trading w, Al Ahmadiah Aktor LLC, Al Fajer Security & Maintenance, Lunar Electro, Al Fajer Establishment, Balmer Lawrie & Co. Ltd, Al Fajer Information & Services www.alfajer.net with over 2 decades of experience in providing a complete range of organization and management services through its five divisions which are; Fairs and Exhibitions, Octanorm Displays, Shop Fittings, Design & Graphics and International Exhibit Builders. Other group members include; Al Fajer Travel & Tourism, Al Fajer Medical Supplies, Al Fajer Interiors & Decorations LLC and Al Fajer Investments & Development.[2]

AFG's Umbrella Companies

Al Fajer Emergency Medical Services

  • Al Fajer Emergency Medical Services (Al Fajer EMS)was established in 2006 and provides first-respond emergency medical services in communities and other public locations.

Al Ahmadiah Contracting & Trading

  • Al Ahmadiah Contracting & Trading is a national contracting firm with experience that spans across the UAE. The firm reportedly has a team of over 7000 employees: qualified Engineers, Architects, and Draughtsmen. Al Ahmadiah also has its own ancillary divisions for electro-mechanical, plumbing installations, wooden joinery workshops and concrete block making units. The firm's various types of construction includes palace complexes, multi-storey buildings, military facilities, medical facilities, commercial projects, communication facilities, industrial projects, luxury villa complexes, school projects, marine & off-shore projects, religious facilities, shopping malls and amusement parks.[3]

Al Fajer Display & Shop Fittings

  • Al Fajer Display and Shopfittings provides high-class interior decoration through its layout drawings, detailed specifications and quotations for supply of equipment. Their products have been widely used in retail outlets for many types of display applications, including custom fittings.

Al Ahmadiah Aktor L.L.C

  • As one of the largest construction companies in Greece, Al Ahmadiah Aktor L.L.C continues to service milestone construction projects in Greece's Public and Private sectors.

Al Fajer Department Stores

  • Al Fajer Department Stores started its operations in November 1978 and is involved in the general trading of sports, silverware and other household items.

Al Fajer Bunkering Services

  • Al Fajer Bunkering Services performs commodities spot and term contracts for several partners and/or government bodies in the Middle East, North Africa, and the Indian sub-continent. The company specializes in oil, petrochemicals and urea supplies.

Al Fajer Travel, Tourism & Cargo

  • Established in December 1994, Al Fajer Travel, Tourism & Cargo is fully owned by Sheikh Hasher Maktoum Juma Al Maktoum.

Al Fajer Establishment

  • Al Fajer Establishment provides general trading services and represents a brand of products catering to the construction and printing trades.

Al Fajer Security & Maintenance Services (AFSMS)

  • AFSMS provides contract cleaning, security, and maintenance support services to shopping malls, commercial offices, hotels, housing complexes and special event organizations.

Al Fajer Information & Services (AFIS) www.alfajer.net

  • AFIS organizes international exhibitions. Their profile includes the Autumn Trade Fair, the Spring Trade Fair (both UFI Members), Tekno comprising Industrial Machinery, Machine Tools, WIRE, Moldex, Inter-Weld, Woodmex & Garmentex, Arabplast, Al Fares, Shipport, Transexpo, Paper Arabia and many more.

Al Fajer Medical Supplies

  • Provides medical goods such as medical equipment, patient self care items, and natural and herbal products.

Balmer Lawrie (UAE) L.L.C

  • Balmer Lawrie is a joint venture providing various products such as cans, kegs, barrels, coni-pails and Lithography.

Emirates Chemical L.L.C

  • Emirates Chemicals is a major provider of various chemical products and materials for the construction industry.

Lunar Electro

  • Lunar Electro, established in 1974 is a national Electro Mechanical Contracting firm servicing the U.A.E..

Executed projects include: Social and Cultural Auditorium Ajman, Markaz Al Jumeirah, several luxury villa complexes in Jumeirah and Jebel Ali. Current Projects include: Military Camp and Air Base projects and the Gardens Community Centre of Nakheel.

Engineering Works Foundation Infrastructure (EWFI)

  • Established in September 2004, Engineering Works Foundation Infrastructure caries out activities in wrecking, digging, filling, dredging, piling, sewage, draining services, dewatering, compacting, and demolition. The company targets private institutions of all the Emirates in U.A.E.

Al Fajer Properties

Al Fajer Properties, L.L.C. (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). The company provides property development services and has gained recognition for its work in the Jumeirah Lake Towers Community, which consists of 9 commercial towers and an estimated project value of more than 3 billion, AED. Al Fajer Properties has grown rapidly to become one of the key players in Dubai's property development market.[4]

2009 restructuring

On February 3, 2009, Al-Fajer Properties (AFP) announced the dismissal of its CEO, Shahram Abdullah Zadeh, as well as a 3.2 billion dirham ($871.2 million) restructuring of AFP's business operations. Sources close to Al-Fajer reportedly told Forbes magazine that the appointment of Sheik Maktoum bin Hasher al-Maktoum as AFP's new chief was an overdue response to nearly three years of alleged mismanagement headed by Shahram Abdullah Zadeh. The company followed its dismissal of Mr. Zadeh with a "rigorous" business review in hopes to find a solution to strengthen AFP's balance sheet. The review reportedly found the best solution to be a liquidation of Al Fajer's land bank and remaining inventory.

Sources close to Al-Fajer say the new president, Maktoum, was called in by his father to fix the so-called "financial shambles" after an employee indirectly alerted the elder sheik to the company's financial situation by requesting cash in early 2008. According to reports in Forbes magazine, Shahram Abdullah Zadeh, "a flamboyant, Iranian-born businessman" had allegedly been mismanaging Al Fajer Properties for nearly three years by forging company contracts, keeping fraudulent, unaudited accounts and moving money back and forth between Al-Fajer Properties and other companies owned by him. Zadeh denies any wrongdoing and claims that the so-called "rescue" was a full-blown theft of a company he had owned and financed alone throughout the course of its existence. He also denies that the company was a financial mess and claims that his erstwhile partner, Maktoum, breached his trust to take control of a successful firm. Zadeh did not deny moving funds between Al-Fajer and other companies he owns, but claims that he put the money into the company's account in the first place and later took it back as his "investment."

Official documents show a cash balance for Al-Fajer Properties being approximately $8.2 million when Maktoum arrived in 2008, which was then restored to $163.4 million to $190 million 60 days later. The sheik, say sources close to the company, did this by unwinding investments that would have saddled Al-Fajer with massive liabilities in the "hundreds of millions" of dirhams, narrowly escaping the real estate slide that hit Dubai months later after the collapse of U.S. investment bank Lehman Brothers in September. Since then, property prices have fallen an estimated 20% to 25%.[5]

2009 property scandal

In May 2009, Al-Fajer Properties and its marketing partner Dynasy Zarooni were involved in a scandal involving false representations of progress of the construction of three properties in the Jumeirah Lake Towers development.[6] The scandal apparently involved the use of faked construction photographs to convince investors that the projects were close to ready when, in fact, no construction had actually commenced. About 500 investors and over ₤ 400 million were involved.[6] Coverage of the scandal was suppressed in the Dubai press by the government.[6]

Key people

Shahram Abdullah Zadeh, former CEO

Dr. Shahram Abdullah Zadeh served as the company's Chief Executive Officer from 2004 to 2008. Mr. Zadeh studied general medicine at Masaryk University, graduating from the school’s Faculty of Medicine in 1999. Following his studies at Masaryk University, Mr. Zadeh moved back to Dubai and began working as a real estate agent within Dubai's Iranian community. Dubai's real estate market had been booming and Zadeh had garnered much recognition for himself by quickly turning large profits for his clients. In 2003, Zadeh was introduced to Sheikh Hasher bin Juma'a Al Maktoum, the brother-in-law of Dubai’s ruler. Sheikh Hasher bin Juma'a Al Maktoum, a member of the Royal family was impressed by Shahram Zadeh's work, and in turn, hired him to run Al Fajer Properties.[citation needed]

Sheikh Maktoum Hasher Al Maktoum, CEO

Sheikh Maktoum received his BS/BA from Suffolk University in Boston. Since that time some of his biggest success stories include being one of the founding investors of Virgin Megastores in the UAE (which has now grown to hold a major market share in the region) followed by the creation of the global brand “A1 Grand Prix.” The current investment opportunity presented to Kulckyz Investment House is one of many expected international partnerships to take seed under the management of His Highness. Sheikh Maktoum Hasher Al Maktoum hopes to make the Al Fajer Group a globally recognizable brand as he aims to position himself within the US & Europe as part of an overall global growth strategy.[2] [7]

Regarded Projects

Jumeirah Lake Towers. [8]

References

  1. ^ http://www.alfajer.com/index.php
  2. ^ a b http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20080313005948&newsLang=en
  3. ^ http://www.alfajerproperties.com/jbc.htm
  4. ^ http://www.prlog.org/10270494-al-fajer-properties-releases-progress-report.html
  5. ^ Laurent, Lionel (3 March 2009). "Desert Storm In Dubai". Forbes.
  6. ^ a b c Chohan, Heerkani (28 May 2009). "Dubai property scandal claim emerges amid media blackout". The Independent. London. Retrieved 20 July 2010.
  7. ^ http://www.ziki.com/en/sheikh-maktoum-hasher-al-maktoum+140915
  8. ^ http://www.ameinfo.com/196682.html
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