MAG plans $4bn investment in Dubai property
Dubai, February 26, 2014
Dubai-based MAG Group plans to invest up to Dh15 billion ($4.08 billion) in the future of Dubai and the wider UAE especially in the build-up to Expo 2020, said its chairman.
Outlining the company’s investment plans across residential, hospitality, commercial, industrial and service sectors, Moafaq Al Gaddah said:“Dubai has always been an attractive investment proposition for local, regional and international investors. Now that the city has won the right to host Expo 2020 it has galvanised investment sentiment and I am sure that we are not the only company feeling the current wave of overwhelming business optimism.”
MAG Group has already announced and has projects under implementation, worth Dh5 billion, including the Dh2 billion multi-phase project, located in the Meydan district, comprising 106 townhouses and a residential community spread across 29 five-storey apartment buildings, a Dh750 million residential project in Sharjah, the Dh700 million Art Centre in Barsha, the Dh865 million City of Arabia residential project, the Dh500 million MAG residential tower in the Burj Khalifah area, the Dh100 million MAG Logistics plant in Jebel Ali and the Dh180 million MAG 226 residential tower in Jumeirah Village.
Moafaq Al Gaddah said the group was "studying to buy land for additional projects which could be worth up to Dh10 billion in Dubailand, Jebel Ali and Abu Dhabi."
His comments came at a MAG Group corporate annual function, which was attended by over 240 management and staff as well as other key stakeholders.
Other 2013 highlights at the glittering event included the announcement of MAG Trading’s annual turnover of more than Dh800 million, and a market presence in more than 90 countries and a forecast for further expansion in 2014.
MAG Royal Solutions, said Moafaq Al Gaddah, also created a Guinness World Record in 2013 for the largest automated parking facility in the world built at a cost of Dh80 million and situated in Emirates Financial Towers, DIFC.
"There may well be cynics out there who look at Dubai’s development and wonder what all the fuss is about. For those of us who have been living and working in Dubai for the past fifteen years, or thirty six in my case, this is nothing short of miraculous," he added.-TradeArabia News Service