Dubai: Dubai based Rufi Properties, which has revived quite a few of the stalled projects in its portfolio, has struck an alliance with ETC Group to help out with its financial restructuring. It has also signed up Abyat Capital for the sales management of its projects, while Redefine Real Estate Developments will exclusively manage the overall execution and completion.
Rufi Properties has over 1,500 units under development in Dubai Sports City, all of which are due for release between 2015 and 2017.
“We intend to add value to their existing and future development portfolios,” said Mohammad Rashid Ashraf, Chairman, ETC Group. “All stakeholders in our projects can expect accelerated delivery and superior quality.”
ETC Group, which was formed in 1965 with its first venture Eastern Trading Company, established its financial services arm in 1997.
“Abyat Capital enjoys the trust of the major investment pools across the GCC, and our proprietary process of partnering with developers involves a close study of their project management prowess,” said Ahmad Eltayyeb, CEO of Abyat Capital.
