Dubai: A new joint venture has been created between Shaikh Juma Bin Maktoum Al Maktoum’s SJM Group with the real estate arm of India’s Adventz Group to launch projects valued at Dh1 billion.
SJM in tandem with Zuari Infra — the real estate arm — will launch their first luxury project in the UAE before mid this year. Further details are awaited. The Adventz group, meanwhile, plans to invest in the region across sectors such as agro-chemicals, infrastructure and lifestyle.
The Group, headed by Saroj Poddar as chairman, has a long-standing history in establishing “high-value” international partnerships. “UAE has been home to many Indians and its favourable trade policies allow Indian businessmen to continually strengthen their investment and confidence in the UAE market,” Poddar said in a statement on Sunday.
Other developers have also been getting into local real estate, such as Shapoorji Pallonji, which launched a high-end tower in Business Bay last year. The firm’s construction business had been involved with the local market over decades. New project activity is expected to maintain the pace that has been there since the fourth quarter of last year. All through 2016, Dubai’s Land Department issued Dh100 billion worth of new projects, which could be launched between now and 2020.