Wednesday, March 28, 2007

Hinduja invest in Dubai Water Front

One of India’s leading businesses groups, the Hinduja Group, plans to invest more than Dh1.01 billion in Dubai Waterfront, Nakheel’s mixedused waterfront development in Dubai, according to a statement issued by the Hinduja Group yesterday.

“The Hinduja Group has bought a two-million square feet prime plot at Madinat Al Arab [the focal point and downtown area of Dubai Waterfront] to develop resorts and residential towers, ranging between 10 and 50 stories,” Khaled Issa Al Huraimel, Dubai Waterfront’s General Manager for Madinat Al Arab, told Emirates Today.

“The investment by the Hinduja Group forms a part of the first phase of Madinat Al Arab, and most developments would be sea-facing.” Meanwhile, the first phase of the Madinat Al Arab, which according to Huraimel, was “completely sold out in 2005 for Dh13bn”, would constitute resorts, residential and commercial properties.

Nakheel will start handing over the land at Madinat Al Arab to developers this year, according to Huraimel. When asked about the due date for completion of the project, he did not specify any time, but said that investors have up to six years to complete the construction.

While Hinduja Group is the first Indian company to announce investments in Dubai Waterfront, according to Huraimel, several Indian companies have bought land in Dubai Waterfront.

While he did not disclose names, he said the waterfront development has “generated immense interest from a lot of Indian companies, besides other GCC states”.

The biggest investor in Dubai Waterfront so far, however, is the Dubai based Al Burj Real Estate, which, according to Huraimel, bought 60 per cent of the first phase.

[Source : Emirates Today]

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