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FINANCIAL NEWS
Dubai’s ruler approves USD554m real estate package
28 Oct 2011
(MENAFN) Sheikh Mohammed Bin Rashid Al Maktoum, Dubai’s ruler, signed off a USD554 million real estate plan, Arabian Business reported.
The plan is aimed to stimulate tourism, residential and commercial projects across Dubai.
Dubai’s ruler said in a statement that Wasl Asset Management Group will be responsible for implementing the projects, which include the renovation of the Al Maktoum Hospital area.
The project also include a mixed-use project with a museum, souq area, hotel and real estate complex, expansion of the Le Meridien Airport Hotel, the development of Al Muraqqabat area and the Jumeirah Beach Club project.
The UAE’s realty market was deeply hit by the global financial downturn, causing real estate prices fall sharply.
Currently UAE developers are focusing on finishing halted projects, and state-supported projects such as affordable housing schemes.
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