A Hong Kong-based investor has acquired Dh6.8 billion in assets, including two five-star hotels, at the Dubai Pearl development in the Technology and Media Free Zone off Shaikh Zayed Road. This is the single largest deal at the 20 million square feet project, wholly owned by Pearl Dubai FZ llc.
Hong Kong-based Chow Tai Fook Endowment Industry Investment Development’s portfolio includes projects in multiple Chinese cities.
The assets purchased at Dubai Pearl project will be used in part by the company, and partly resold to its clientele in the Far East seeking good rental returns as well as a property value appreciation.
“This transaction brings us closer to making Dubai Pearl a fully-funded project,” said Santhosh Joseph, CEO of Pearl Dubai FZ.
