Indian realty developer forays into UAE market, set to create 3,000 jobs

Inayat-ur-Rahman, Business Editor

India’s real estate developer Tricolour has entered in the UAE market by opening its first overseas office in Dubai and signing 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 was recently signed 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  Sheikh Ahmed Bin Faisal Al Qassimi and Salwa Abdul Aziz Zein, CEO.

The signing ceremony was also attended by officers of the Private Office of  Sheikh Ahmed Bin Faisal Al Qassimi, Amb. Dunston Pereira, COO, and Arvind Ragam, Business Consultant.

“With our vast property development portfolio in India’s six major cities, we are delighted to partner with Sheikh Ahmed Bin Faisal Al Qassimi office to bring more projects and our expertise here in the UAE,” said Jha, Tricolour Chairman and Managing Director.

Jha said that Tricolour’s projects will also create up to 3,000 jobs in the UAE in the next three years. “We are happy to create meaningful projects that will also help people here in the UAE get jobs. In terms of real estate, huge construction projects will be undertaken, not only in Dubai but other parts of the world, like Africa,” said Jha, who is also a philanthropist in India.

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.

“Our focus is on job creation and to learn from and apply the technologies and designs that Tricoulour has implemented in their vast portfolio of projects,” said Salwa.

“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,” she added.

Tricolour will be developing world-class hotels in Dubai and Abu Dhabi, as well as residential developments, commercial spaces and leisure facilities in all emirates.

“We are creating the future and opening opportunities for communities in this country,” said Zaleski, Chairman of the Private Office of Sheikh Ahmed bin Faisal Al Qassimi.

Tricolour Group was established in Hyderabad, India in 2010 and the conglomerate has a presence in real estate development under Tricolour Properties; healthcare under Tricolour Hospital and Critical Care; labour consultancy under Tricolour Manpower Solutions; education under Tricolour Gyana Bharathi High School; and entertainment under Tricolour Globalsoft, which has produced movies and animation in India.

Established in 2010, Tricolour Group is one of the biggest conglomerates in India, with a multinational team of professionals in various fields, including real estate, healthcare, labour consultancy, education and entertainment.