Sunday, July 22, 2007

Reef Real Estate Investment Company plans to expand overseas

The Reef Real Estate Investment Company, worth Dh.700 million, plans to invest Dh.2 billion in the overseas market during the next five years.

This will include both residential and hotel projects. The company is currently evaluating a few investments in the high-end developments in both hotel and residential sectors.

The Managing Director of Reef Real Estate Investments, Sheikh Ahmed Mohammed Zaued Sager Al Nahyan, said "We would also like to expand our base to markets like Europe and North America in future. In the Middle East, we are evaluating investment options in Egypt and Jordan, where we expect to spend about Dh.1.5bn."

Sheikh Ahmed was speaking during the occasion of the launch of the First Corp Executive Hotel in Al Barsha in Dubai, being developed by Reef Real Estate Investment Company. The Dh.120 million property, is being positioned along the lines of hotel apartments, with rents ranging from Dh.650 to Dh.1200 and houses single and double bedroom apartments and studios.

The Corp Executive Hotel, which is positioned as a four-star, is expected to generate about 95 percent occupancy during its first year of operations.

The second Corp property is being built in Business Bay and is scheduled to be opened during mid 2009 and will comprise office and hotel space.

The Managing Director of Corp Executive Hotels and Coral International Hotels, Michel Noblet, said the Corp is planning aggressive expansion plans.

Noblet said, "We are currently considering five to six different markets and we are open to projects in any part of the world, though, our current aim, is to invest in hotels in every commercial district in Asia and the Middle East. We are contemplating expanding the brand in Malaysia, Asia, Indonesia and Africa."

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