The company is to purchase the entire 15th floor of the DAMAC building in Dubai’s downtown business area, consisting of 19,155 square feet. The price of the purchase is to be revealed in the second quarter of this year. The seller is Al-Husseini Brothers, an import-export firm with offices across the region.
Viper Networks, a telecommunications company, has stated that it needs the new space in order to support its rapid expansion in the area.
Management of the company expects the final agreement to approximate 50 per cent in equity priced above the current market price and 50 per cent in future cash flow, and profit sharing arraignments.
Currently, the office space is appraised at USD six million.
The new space will receive a new call centre operation for company and subsidiary business applications as well as a telemedicine platform operation.
Dubai, which has suffered in the recent economic gloom, is to see a rise in its property market in the future, according to Khalaf Al Habtoor, the chairman of the Al Habtoor Group.
“There is a lot of demand [for property] now. Dubai and the UAE is a safe haven for a lot of people in the region,” he commented.
“The inflow cash flow is improving…property is definitely going to improve.
“Egyptian businessmen say they will move their offices to the UAE and especially to Dubai. Take other [countries] like Syria, Bahrain definitely they are moving and we can see that already.”
During the financial crisis property prices in Dubai declined more than 60 per cent from what they were in 2008.
According to the Dubai Department of Economic Development, the city’s economy is to expand by approximately four per cent this year.
Editor’s notes: In April 2012, it was announced that Viper Networks had cancelled the acquisition of the 15th floor of Executive Heights, Dubai from Al-Husseini Brothers Company.
As of June 2023, Viper Networks only lists its Troy, Michigan office on its corporate website.