Fugen ltd. is an international project management and investment company based in uk, which recently expanded his activities to the united arab emirates (uae) with offices in umm al quwain and dubai. in association with its investment arm fugen homes ltd in jersey, and its subsidiary fugen homes umm al-quwain ltd, fugen group is planning to develop a number of properties in different emirates of uae. the first project for fugen in the uae is the rainbow towers development. the project which comprises of seven towers and 1008 flats/units is targeted at lower income families and individuals who face an unprecedented increase in rents especially in dubai, and more recently, albeit not as drastically, in sharjah and ajman.
Investors on the project include: the bahrain based venture capital bank (vc bank) the middle east and north africa’s (mena) first specialist venture capital and private equity bank regulated by bahrain monetary agency (bma) with a paid up capital of usd $66 million and a gcc widespread shareholder base comprising 80 high net worth individuals and corporate investors, and al-shanfari group of companies, oman’s leading business conglomerate, represented by sheikh saeed al-shanfari, chairman of al-shanfari group who was the oman oil and mineral resources minister in 1993. al-shanfari is one of oman’s biggest business houses, with diversified interests in engineering, transport, logistics, manufacturing, automotives, commercial, tourism and property management, and the uk based gem group.