Al Burj Real Estate has announced the handover of the first plots of land at Madinat Al Arab, Dubai Waterfront.

The handover will take place this month as informed by the master developer, Nakheel. In 2005, the company purchased 70 percent of the available plots in Phase I of Madinat Al Arab worth Dh7 billion, making it the biggest investor in the development.

The iconic waterfront plots will be developed into districts comprising 10 to 50-storey buildings for commercial, resort and residential use. Nakheel is currently developing Madinat Al Arab’s infrastructure, work which will continue in parallel to construction by other developers until completion.

In his comments on the landmark handover, Al Burj Real Estate’s vice-chairman Abdul Rahim Al Zarooni, said: “We are proud to announce the handover of the first plots of land in Madinat Al Arab by Nakheel, marking a very significant development during our second year of operations. Our strategic investments in Madinat Al Arab are in line with the strong demand in the real estate sector, particularly for limited waterfront developments.”

Al Burj Real Estate earlier this year announced a net profit of Dh935 million by end-2006, a noteworthy achievement in the company's first full year of operations. With a mix of plans and strategic forays, Al Burj Real Estate is one of the biggest real estate investment companies in the region.

Commenting on the handover, Naushad Noor Ali Rashid, CEO of Al Burj Real Estate, said: “Given its iconic nature, the Madinat Al Arab project continues to generate tremendous demand from investors and developers alike. The project has generated great interest from investors looking for attractive returns as it is competitively priced and is the last of its kind on the last stretch of natural beachfront property available in Dubai.”

He added: “We will continue to concentrate on other strategic investments with Nakheel while exploring new opportunities to collaborate with leading regional and international real estate developers. This strategy forms part of our broader vision to provide attractive real estate opportunities and solutions through prominent partnerships.”

Madinat Al Arab will stretch along Dubai’s last natural beach front which borders with Abu Dhabi and will be the focal point of the new Dubai and its central business district, next to the Jebel Ali Free Zone and the world’s largest airport. The downtown will encompass all the key components of the master plan comprising mixed use, commercial, residential, resort and amenity zones. – TradeArabia News Service