Dubai development company plans $30bn Vietnam project

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:

Market Performance

Dubai Development Company
2.4
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Qatar's labour requirements

Qatar's labour requirements

Qatar’s Supreme committee has published worker welfare standards...

2
$40bn housing deal may signal Gulf investment push into Egypt

$40bn housing deal may signal Gulf investment push into Egypt

Egypt's economy is recovering only slowly from the turmoil that...

Most Discussed
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 8
    UAE teens among the highest for obesity rates

    @MT3, harsh and callous as it may sound nice's analysis is spot on for expats; the impact on us is minimal. Certainly for the locals it is (rather it will... more

    Thursday, 28 August 2014 9:05 AM - Telcoguy
  • 3
    Saudi Arabia said to shelve plan for shorter working week

    It is working fine in the other gulf countries. In Oman, it is working very well and people, including business owners, adapted. Prices did not significantly... more

    Thursday, 28 August 2014 6:23 PM - Tariq AD