Friday, June 29, 2007

Dubai International Real Estate to invest Dh.18.35bn in UAE projects

Dubai International Real Estate, a company managed by Sheikh Hamdan bin Rashid Al Maktoum, Minister of Finance and Deputy Ruler of Dubai, plans to invest Dh.18.35bn in various projects in the UAE, says a senior executive.

The Manager of the Company, Mohamed Al Sayegh, said "We plan to invest upto $5bn in all types of real estate projects in the UAE, like residential, commercial or mixed use within the next three to four years."

He, however, declined to reveal the total value of the company's project. "We have developed a number of projects in the UAE, but the total value cannot be disclosed," says Al Sayegh.

He was speaking on the occasion of the launch of Dh.750million HHHR Tower with seventy storeys, financed and developed by Dubai International Real Estate. The tower will be built by Al Ahmadiah Trading and Contracting, formed in a joint venture with Hip Hing Overseas, based in Hong Kong.

The tower, located on Sheikh Zayed Road, comprises residential, commercial and office complexes and is currently in its construction stage, and is now designed to accommodate offices, showrooms and 454 luxury apartments.

On completion of the HHHR Tower, the first project after the joint venture, due to be completed by May 2009, Al Ahmadiah Hip Hing will explore various other projects across the Middle East, including Sharjah, Ajman and Abu Dhabi, said the CEO, SK Joshi.

The total project value of the company to date is Dh.2bn.

No comments: