Dubai Investments Sees $2.7 Billion of Property Projects - Bloomberg

Dubai Investments Sees $2.7 Billion of Property Projects - Bloomberg:



"Dubai Investments PJSC plans 10 billion dirhams ($2.7 billion) of real-estate projects in the next five years as it seeks to benefit from resurgent property demand.



Developments include Mirdiff Hills, a 2.5 billion dirham project in Dubai that will include 1,500 homes, a 230-room hotel, shops and 200,000 square-feet of office space, Chief Executive Officer Khalid Bin Kalban said in an interview. The company’s Dubai Investment Real Estate Co. unit will start tendering for the development in the next two months, he said.



Dubai Investments, whose largest shareholder is state-owned Investment Corporation of Dubai ICD, is seeking to profit from a market recovery in the emirate after one of the world’s worst property crashes during the financial crisis in 2008. Local developers are reviving projects amid a surge in prices and new measures such as limiting mortgages and a doubling of transaction fees which have helped stabilize the market."



'via Blog this'