GFH to invest $30m in Dubailand
Manama, July 15, 2014
Bahrain-based Islamic investment bank Gulf Finance House (GFH) has announced that it is investing $30 million in Dubailand to acquire a plot of 1.2 million sqft.
In a clarification, the investment bank revealed details of its land sale agreement announced last week with Dubai Properties Group (DPG) for establishing a new mixed-use residential development, said a report in the Gulf Daily News (GDN), our sister publication.
The project features residential, commercial and retail space and facilities within Dubailand, which welcomed more than 13 million visitors in 2013 and is already home to over 100,000 residents.
The new development includes both separate and adjacent villas and housing groups on some 830,000 sqft in addition to integrated-services residential apartments on another 75,000 sqft.
The initial development process is expected to start within six months, with the project set to be completed over five years.
GFH said although it could not disclose further details due to confidentiality agreements between the parties involved, the bank's management expects the deal to have a positive impact on financial results for the current year. - TradeArabia News Service