Dubai: Union Properties, which has been hit by declining profits, has got a welcome infusion of cash - amounting to Dh98 million - with Dubai Investments picking up another 20 per cent in a joint venture. This will see the latter hold 70 per cent in Property Investments (PI), which built and owns some signature properties in Dubai.
These include the Green Community and Courtyard by Marriott within Dubai Investments Park. The additional stake is aimed at “consolidating PI’s operational efficiency and broadening its real estate and investment portfolio”, a statement issued by Dubai Investments said.
“In spite of challenging macro-economic conditions, we are optimistic of the real estate sector’s long-term growth potential and Properties Investments’ ability to execute iconic projects,” stated Khalid Bin Kalban, Managing Director and CEO of Dubai Investments.
“Properties Investment is well positioned for growth in the near future, with new projects in the pipeline amidst an anticipated pent-up demand for the real estate sector in the wake of Expo 2020 and other infrastructural developments.”
Construction of Phase 3 of Green Community, comprising 226 units, is under way and expected to be complete by mid next year. This will add to the 1,555 residential units developed during the first two phases of the Green Community.