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FINANCIAL NEWS
Dubai Investment to launch USD2.7b real estate project
29 Dec 2014
(MENAFN) Dubai Investment plans USD2.7 billion of real-estate projects in the next five years as it seeks to benefit from resurgent demand, Times of Oman reported.
Developments include Mirdiff Hills, a USD680.6 million 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 said. The company’s Dubai Investment Real Estate Co. unit will start tendering for the development in the next two months.
Dubai Investment, whose largest shareholder is state-owned Investment Cooperation 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.
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