Dubai group to launch Dh10b project in Ajman

Dubai: Dubai Investments, the UAE's largest listed diversified holding company, said it will soon launch a mixed-use real estate project in Ajman with an estimated value of more than Dh10 billion.

Chief executive officer Khalid Bin Kalban said the group's subsidiary Dubai Investments Real Estate Company has Dh3 billion worth of real estate under development at present but the aim is to grow the portfolio to at least Dh20 billion.

"We are looking at projects of not less than Dh20 billion in the coming five years. Half of that will be a project in Ajman," he told Gulf News in an interview.

The development, located between the cities of Ajman and Sharjah on Emirates Road, will have both commercial and residential buildings.

Bin Kalban said the company will grow its real estate activities across the UAE, which is in the midst of a construction boom.

Dubai Investments last year formed a Dh500 million joint venture with the Fujairah government to make investments.