DIFC launches real estate fund
Dubai, October 4, 2008
DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), said it is launching a real estate fund that will invest in Dubai and the UAE’s real estate sector.
The fund will be launched through the real estate arm of DIFC, said a top DIFC official. The move reflects the great potential of the UAE’s real estate sector which has seen unprecedented growth over the past five years.
The segment was the biggest contributor to the UAE’s economy last year, accounting for eight percent of the country’s GDP. It continues to play an increasingly important role in the government’s economic diversification policies.
Dr Omar bin Suleiman, the governor of DIFC and chairman of DIFC Investments said, 'The steady growth of the real estate sector in recent years and the great future prospects provide us with an excellent opportunity to diversify our portfolio.'
'Historically, this sector has netted high returns for investors, and there is a lot of room for growth and a lot of untapped potential in this sector, both in the short and longer term,' he observed.
“Given the global economic environment, our decision to invest heavily in the country’s real estate and infrastructure projects will cement our position as a key player in the UAE and provides a great opportunity for diversification,” he noted.
Ibrahim Belselah, the head of the real estate division of DIFC Investments said the real estate projects currently underway in Dubai, and the other emirates, are changing the face of the region.
'Over the next few months, we will announce major investments in various real estate projects that will further enhance Dubai’s position as a global hub,' he added-TradeArabia News Service