Reign Holdings, a Dubai-based conglomerate, has announced plans to invest up to $1 billion in the region’s real estate sector.
Arthur & Hardman, the development arm of the global business conglomerate, will focus on developing integrated lifestyle communities, it said in a statement.
Arthur & Hardman said it is planning to deliver 1,000 hotel apartment units in Dubai’s Jumeirah Village Circle (JVC) over the next few years to cater to the growing demand ahead of the Expo 2020.
Samir Salya, chairman of Reign Holdings, said: “Reign Holdings is focused on managing investments for regulated funds and will invest $1 billion in different sectors including construction and real estate on behalf of the funds from Far East and Middle East.
"Our next projects will allow us to deliver over 1,000 units at our four-star hotel apartments in JVC in the next three years. We are currently in talks to partner with a few well established Italian restaurant chains for the new developments.”
He added: “Short-term rental market in Dubai will see a massive growth due to the expected increase of tourists coming into Dubai. We expect the market to continue growing even once the 2020 Expo is over, as it is a growing economy and the population is increasing.
"My advice to those who are delaying their plans to purchase a property in Dubai is that the waiting period is over. So, they should start acting now or else they are likely to miss the boat.”
The company said it has so far delivered up to 400 units in Dubai Sports City under its brand name Giovanni Boutique Suites, adding that all its projects carry an Italian theme.
Other projects in various stages of development include residential towers, hotels, skyscrapers and towers in Dubai Marina, Meydan and the Business Bay areas. It also has development plots in the iconic World Islands and Palm Jumeirah.
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