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Thu 19 Jun 2014 09:41 AM

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Dubai fund inks deal for "giant" retail, residential projects

Dubai Fund for Financial Support says it has reached agreement to develop plots of land for retail, hotels and residential units ahead of Expo 2020.

Dubai fund inks deal for "giant" retail, residential projects
(Photo for illustrative purposes only)

The Dubai Fund for Financial Support on Wednesday announced it had reached a deal with the Dubai Real Estate Corporation (DREC) to develop plots of land for retail, hotels and residential units ahead of Expo 2020.

Under the agreement, the first project will be set up along Sheikh Zayed Road and will include the construction of a mall and residential complexes.

DREC will also develop a number of hotel projects, residential units and hotel apartments, read a statement cited by news agency WAM, adding that the two parties have agreed a long term strategic partnership to develop land owned by the fund.

No further details about the scope of the project were disclosed but Hisham Abdullah Al Qasim, CEO of DREC, added that through this partnership "giant projects" will be added to Dubai.

Abdul Rahman Al Saleh, chairman of the Dubai Fund for Financial Support said the cooperation deal aims to support the vision of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum to make the emirate the world's first destination for real estate and tourism.

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Red Snappa 6 years ago

The question is, will all this new development for a single extended duration event be sustainable as the population returns to normal?

Also, given the mayhem of military conflict relatively nearby, and its inevitable long term influence on the shape, dividing lines and nature of politics in the region, what exactly does the future hold in terms of hosting global events?

Sheikh Zayed Road is already well endowed with major malls, two of which are expanding. Although that said, the arrival of more Arab nationals seeking solace from the effects of hostilities across the Middle East is likely to increase. However, so is the level of chaos and a decline in sentiment among western visitors.

Maybe it's me, but this sudden rush to compensate for the last major hiccup in the property sector on the back of the World Expo award, an economic feather in the cap though that is, appears to be somewhat over the top in terms of banking on ensuing demand.

It also seems the IMF are equally nervous.