Dubai Investments set to launch iconic projects
Dubai, February 11, 2014
Dubai Investments (DI) is set to unveil iconic projects across the UAE in the coming months on its land banks with projects in Meydan, Mirdif and Jumeirah Village Circle in Dubai besides other developments in Fujairah and Abu Dhabi.
Over the past 10 years, DI has reinforced its position as a frontline player in the regional real estate industry with its prudent investments targeting strategic property assets across the UAE, driven by its farsighted vision on the growth potential on offer.
DI boasts of 30 million square feet gross floor area (GFA), one of the largest land banks across the UAE. It is owned by different subsidiaries – Dubai Investments Park (DIP), Dubai Investments Real Estate Company (DIRC), Al Taif Investments and its joint venture Properties Investments (PI).
Over 67 per cent of DI’s asset base is in real estate and is currently worth over Dh8.38 billion ($2.28 billion) – making DI one of the biggest real estate players in the UAE, said a top official.
"The UAE real estate industry is in the midst of a robust growth – which is a reflection on its sound fundamentals and overall business and investor confidence across sectors, be it retail, tourism, aviation, hospitality or trade," remarked Khalid Bin Kalban, the managing director and CEO of DI.
"As one of the leading companies, we feel the time is right to move forward with developing our land banks. Average property prices in Dubai have risen by more than 20 per cent in the last 12 months and we are confident that 2014 will mark a major step-change in the growth of the UAE real estate sector," he noted.
According to him, DI aims to set new benchmarks through these projects. "The overall optimism, accentuated with Dubai winning the Expo 2020 bid, is translating into investors eyeing long-term investments and growth in the UAE real estate industry. Overall, we expect acceleration across the entire spectrum of the industry," he added.-TradeArabia News Service