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Sunday, 08 November 2009 22:43 UAE time

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DIFC invests $817mn in Dubai Pearl

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 07 October 2008
SIGNIFICANT PORTION: DIFC Investment has invested $817 million in the Dubai Pearl project (pictured). (Supplied)
SIGNIFICANT PORTION: DIFC Investment has invested $817 million in the Dubai Pearl project (pictured). (Supplied)

DIFC Investments said on Tuesday it has invested more than 3 billion dirhams ($817 million) in Dubai Pearl, a mixed-use project being built close to the Palm Jumeirah.

The investment arm of the Dubai International Financial Centre (DIFC) said the deal takes total sales on the project to more than 10 billion dirhams.

Abdul Majed Al Fahim, chairman of Pearl Dubai, said DIFC Investments has acquired a "significant portion" of the project, without being more specific.

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The deal is DIFC Investments' first since launching a UAE real estate fund last week.

DIFC Investments said on Saturday it was setting up real estate fund and would announce "major investments" in several projects in the coming months.

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