Dubai development company plans $30bn Vietnam project

A Dubai-based development company has launched a major project in Vietnam’s capital city which will cost US$30bn (AED110bn) and take 17 years to complete, reported Trade Arabia.

Global Sphere’s project dubbed ‘Hanoi Wall Street’ will feature complete city services over an area of 35 sqkm and represents the largest Vietnamese venture by a company from the UAE.

Chairman of Global Sphere, Dr Abdullah Al Sayegh, said the project will be an integrated community, with the first phase expected to be finished by 2020, at a cost of US$10bn (AED36.7bn). The full project is expected to end in 2030.

Al Sayegh said the project will have about 70 residential towers which will “accommodate between 300,000 and 400,00 people” and that the “engineering plan for the project resembles Downtown Dubai”.

Global Sphere arranges funds for large projects on behalf of commercial companies or governments, and Al Sayegh claims that with this project the company is serving as a port for the entry of many UAE companies to the Vietnamese market.

He added that the project is the first of the company’s business in Vietnam, and that it involves a number of contracts for other projects, including the production of solar energy, in partnership with Worldtech Corporation. Other projects would be carried out by companies from Vietnam.