Monday, November 20, 2006

Makaseb Holding invest Dh20 billion

Makaseb Holding, a regional real estate investment company, was launched here with an investment of Dh20 billion. The money is expected to touch Dh100bn over the next 10 years.

A rapid growth has been witnessed in real estate market. Makaseb has been formed with an aim to enter the real estate market by acquiring existing real estate projects and developing new ones.

Makaseb means "profit" in Arabic. It is a joint venture between AA Investment Company, a Fujairah and Ras Al Khaimah-based business, Pakistan's Rufi Group, Egypt's Sharm Land and Quattro Limited. Each company own a 25 per cent stake in the project. Makaseb aims to develop master-built communities and commercial, residential and hotel projects.

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