A Canadian investment company has said it is looking to spend up to $6 billion on distressed real estate projects in Dubai, adding that it has expressed an interest in acquiring the much-delayed Dubai Pearl development.
Canada Business Holdings said in a statement that it has raised its investment ceiling in Dubai properties to $6 billion.
"The focus of Dubai investments is in the real estate market. CBH intends to deploy such funds in acquiring distressed assets and complete their construction. The company plans to invest, develop, own, manage and overrate the assets for the next 30 years," the company said.
It added that the management of CBH has recently expressed interest in acquiring the Dubai Pearl project.
Last year it was reported that the $6 billion megaproject is set to be completed “by 2018”, according to the developer’s chief executive.
The project has been beset by a series of delays and management changes since it was originally announced in 2003.
Overlooking the Palm Jumeirah, the Pearl Dubai masterplan involves four towers based around a large podium, complete with 1,490 apartments, seven five-star hotels, over 60 restaurants and a 1,600-seat theatre.
After stalling as a result of the property crash in Dubai, Hong Kong’s Chow Tai Fook Endowment Industry Investment Development (CTFE) took a $1.9 billion stake in the project in 2014.
CBH chairman and CEO Moses Solemon said: "Our goal is to provide protected and more secure investments with higher returns for our shareholders and partners", without giving any further details about its plans for Dubai Pearl.
The company also said it wants to establish a regional office in Dubai before year-end to manage all regional projects in the Middle East and Africa.
CBH said its current projects pipeline stands at more than $7 billion.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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