Thursday, May 24, 2007

UAE and South Korea enters into Dh.20billion Deira Deal

A South Korean Company has won the Dh.20 billion contract of constructing malls, homes and harbour facilities along the Creek in Deira.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister and Vice President of UAE and Ruler of Dubai, made this announcement while on a visit to the country. Sheikh Mohammed will hold discussions with the President and Prime Minister of Korea today.

According to Deira Investment Company and the developer Sungwon Corporation, the Deira contract, is a sign of strong ties between the two nations. This giant tourism and real estate project is likely to be completed in three phases.

Sungwon, laying emphasis on the UAE real estate, has already agreed to invest Dh.4.4bn in the Middle East real estate sector. The company is investing Dh.1.1billion for developing a mixed-used project in Dubai’s Culture Village, covering 11,000 sq.mts., featuring commercial, residential and retail units.

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