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Tue 7 Oct 2008 03:50 PM

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DIFC invests $817mn in Dubai Pearl

Investment arm of DIFC acquires 'significant portion' of project being built close to Palm Jumeirah.

DIFC Investments said on Tuesday it has invested more than 3 billion dirhams ($817 million) inDubai Pearl, amixed-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.

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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