Dubai: Dubai Investments is all set to move ahead with two projects — three in the UAE and the other in Saudi Arabia — as it expands its real estate development portfolio.
These include the Dh3 billion Mirdif Hills project in Dubai (helmed by Dubai Investments Real Estate Company); Green Community West Phase 3 (by Properties Investment); the Dh400 million Fujairah Business Centre (by Al Taif Investment); and a mixed-use Riyadh Investments Park in Saudi Arabia.
Dubai Investments’ property subsidiaries represent 62 per cent of the holding company’s asset mix, worth Dh9.7 billion. It will also target mixed-use industrial and business parks in Africa.
“A number of proposals are also under negotiations to replicate Dubai Investments’ success and business models in different markets,” Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said in a statement on Sunday. “Dubai Investments has identified some growth markets which provide the stimulus to invest, particularly in the real estate sector, and generate high returns. Africa is very much part of this geographical scope.”
The Riyadh Investments Park, currently under development in the Saudi capital, spreads across 11 million square metres and will have warehouses, showrooms, labour amenities, offices and other logistics facilities.