The real estate division of Al Ghurair has unveiled a AED5 billion ($1.36 billion) strategy to build new housing in Dubai in the run-up to Expo 2020.
Al Ghurair Properties said it plans to build 58 new residential projects across Dubai in the years to end of 2020.
The company said in a statement that the projects were being launched amid a “positive boom” for real estate and infrastructure in the emirate.
Increasing demand among UAE residents for quality homes, coupled with a boost in business and new entrants to the job market, has created fresh opportunities for real estate developers, especially in the residential sector.
Al Ghurair’s planned new projects are to be located in various neighbours across Dubai, including in Deira, Bur Dubai, Al Barsha, Al Qusais, and the Al Warqa district.
The AED5 billion of construction will comprise 58 buildings that together will include 8,000 residential units, together with 350,000 square feet of retail units.
Sultan Al Ghurair, CEO of Al Ghurair Properties, said: “We started these projects with a focus on revitalising the housing segment in Dubai. We identified an upward trend in the present residential market and are currently aiming to optimise the positive turn.”
Sultan Al Ghurair, CEO of Al Ghurair Properties
Infrastructural work on the schemes began earlier this year, according to the company, and the first building is due for completion by the end of 2017.
The remaining 57 projects are scheduled for completion by the fourth quarter of 2020.
Al Ghurair Properties provided no further details of its proposals, but said that the projects are to be built according to the latest sustainable/green building codes, including energy-efficient fixtures to conserve power for occupiers.
The developments aim to “strengthen the socioeconomic fabric of the emirate by delivering quality living and commercial spaces”, the company added.
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