Saturday, April 25, 2009

Meidin Holding announces Dh 6bn worth projects in UAE

Meidin Holding, the Abu-Dhabi based property investment firm, has announced its plans to invest Dh.6bn in two projects in Umm Al Quwain.

This includes development of a Dh.4.5bn Amwaj Resort, which includes residential and commercial units, a hotel, and a large shopping mall. The project houses 1820 apartments in two residential towers, a 408 room hotel, and a shopping mall spread across 30,365 square meters and 588 car parking space.

The second project is a shopping mall spread across 2.7mn space, namely the Delma Mall, to be opened in Musaffah shortly. This is worth Dh.1.5bn. The Chairman of Midein Holding, Omair Saoud Arrar Al Dhaheri, said that the construction of the projects will be funded by the company's own resources, and it will not seek funds from the banks, as it would make the projects more expensive under the current situation.

Amwaj has already received a strong investor response, with 70 percent sales achieved, majority of which are from expats.

The hotel too will cater mostly to western tourists, as Umm Al Quwain has a calm and serene environment, away from the busy city life, and several tourists come here to enjoy the natural beauty and serenity of the place, Al Dhaheri said.

Apart from these projects, the company is currently building a fifty storey commercial tower at the Dubai Square.

1 comment:

denver real estate said...

Congragulation to the Meidin Holding for announcing its plans to invest Dh.6bn in two projects in Umm Al Quwain. I wish their projects become success.