DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), has invested over Dh3 billion ($817 million) in the Dubai Pearl project.

The investment was made through DIFC Investments’ real estate fund, which was launched recently to tap into the booming property sector in Dubai and the UAE.

The multi-billion Dirham fund seeks to create a portfolio of quality real estate acquisitions that will yield positive return on equity as the property sector continues to grow.

Dubai Pearl is a Dh15 billion mixed-use luxury project located adjacent to Tecom Investments’ knowledge clusters. It is being developed by Pearl Dubai, a consortium of investors led by Al Fahim Group. The deal takes the total sales at the luxury Dubai Pearl development to more than Dh10 billion.

“This acquisition marks our first major investment into Dubai’s real estate sector, which continues to demonstrate tremendous potential for investors and homeowners,' said Dr Omar bin Suleiman, the governor of DIFC and chairman of DIFC Investments.

“We are delighted to announce DIFC Investments has acquired a significant portion of the prestigious Dubai Pearl development. The purchase validates the status of the 15million sq ft Dubai Pearl development as a unique destination,' stated Abdul Majed Al Fahim, chairman of Pearl Dubai FZ.

Dubai Pearl is a premier business and lifestyle destination that aims to create climate-conditioned pedestrian walkways, conveying a street café ambience with international restaurants, boutiques and urban landscaping, it is the only development overlooking Palm Jumeirah.

Expected to be completed by December 2011, Dubai Pearl will combine an active business district with quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as Jumeirah. It will be linked to Dubai Metro and other modes of public transport.-TradeArabia News Service