Real estate developer appoints Rasmala as its placement agent

Dubai: Nobles Properties, a new real estate developer, on Sunday said, it has appointed Rasmala as issue manager and placement agent for 25 per cent of the Waterfront and Burj Downtown Development Company.

The company revealed further details relating to its two forthcoming high-end luxury residential apartment complexes, with an estimated total value of Dh8 billion, located in the Dubai Waterfront and Burj Dubai areas.

Attractive locations

Nobles will retain the other 75 per cent. Omar Ayesh, chief executive of Nobles, said, "The Waterfront and Burj Downtown Development Company represents an excellent investment opportunity in two of the emirate's most attractive locations - the Dubai Waterfront and Burj Dubai - both being well-situated along the planned Metro routes serving distinct commercial locations."

He added, "We are confident that the partnership with Rasmala will ensure that the company will be well-structured and enable co-investors to participate with us in this venture."

"Once completed, we expect the two projects to offer high occupancy rates. We also anticipate attractive investment returns to our strategic co-investors."

The establishment of the Waterfront and Burj Downtown Development Company in Dubai represents an important addition to the activities of Nobles Properties after its recent investments in two master planned communities in Libya and Yemen which have received significant interests from investors.