Sunday, August 12, 2007

Dubai joins hands with Tunisia for construction of Dh.14billion

Dubai has joined hands with Tunisia to build a new city in the North African country, that could house upto 500,000 people.

The Dh.14billion Century City Project will be built at Tunis, and will include two huge residential complexes, quaus for yachts and seaside resorts.The project will cover 830 hectares of land, and will house about 2500 international firms, in addition to fourteen five star hotels and a range of sports and recreational facilities.

The foundation for the project was laid by H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE, and Ruler of Dubai, and Sine al Abidine, the President of Tunisia.

The Dubai Holding's international property investment arm, Sama Dubai, is developing this Century City as a joint-venture with the Tunisian Government. This project is the largest investment deal of the North African Government.

The project requires ten years for completion, although, the first buildings will be completed in two years. Dubai's investment in the country is expected to mount to Dh.66.2billion from the present Dh.10.5billion with this project.

A Dh.8.25bn stake was secured by the Tecom-dubai Investment Group consortium, and Dubai Investments and Emaar Properties have also announced new projects in the infrastructure investing about Dh.25bn in Tunisia's economy.

No comments: