By Kleindienst Group Originally published in The National.
Dubai Investments is bullish on the UAE’s property market and is pressing ahead with its international expansion to boost its portfolio this year, its vice chairman and chief executive said.
The Dubai-listed company, in which the emirate’s Investment Corporation of Dubai sovereign wealth fund holds an 11.54 per cent stake, completed two major projects in the UAE – a Dh3 billion ($816 million) mixed-use project in Mirdif and a Dh500m development in Fujairah.
It plans to start a Dh1bn project in Al Marjan Island in Ras Al Khaimah in the second quarter of this year, Khalid bin Kalban told The National.
“We are discussing with various financial institutions for the funding of the project,” Mr Bin Kalban said of the Ras Al Khaimah development.
Heading
“There will be a hotel of 300 rooms, 170 villas and 400 apartments and some retail units. We are hoping to complete the project in 30 months maximum.”
The UAE’s property market is recovering from the onset of the Covid-19 pandemic on the back of new government initiatives such as residency permits for those who have retired and remote workers in addition to the expansion of the 10-year golden visa.
Measures to contain the spread of the virus, such as vaccination, have also helped the property market to recover. Many foreigners have invested in property with the aim of settling in the Emirates.
The Dubai-listed company, in which the emirate’s Investment Corporation of Dubai sovereign wealth fund holds an 11.54 per cent stake, completed two major projects in the UAE – a Dh3 billion ($816 million) mixed-use project in Mirdif and a Dh500m development in Fujairah.
It plans to start a Dh1bn project in Al Marjan Island in Ras Al Khaimah in the second quarter of this year, Khalid bin Kalban told The National.
“We are discussing with various financial institutions for the funding of the project,” Mr Bin Kalban said of the Ras Al Khaimah development.
Heading
“There will be a hotel of 300 rooms, 170 villas and 400 apartments and some retail units. We are hoping to complete the project in 30 months maximum.”
The UAE’s property market is recovering from the onset of the Covid-19 pandemic on the back of new government initiatives such as residency permits for those who have retired and remote workers in addition to the expansion of the 10-year golden visa.
Measures to contain the spread of the virus, such as vaccination, have also helped the property market to recover. Many foreigners have invested in property with the aim of settling in the Emirates.
