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Sun 28 Dec 2014 05:45 PM

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Dubai Investments said to eye $2.7bn property projects

Company CEO also says he is in talks with owners of stalled schemes to takeover and complete them

Dubai Investments said to eye $2.7bn property projects
Dubai Investments CEO and managing director Khalid Bin Kalban.

Dubai Investments is reportedly planning to invest AED10 billion ($2.7 billion) in real estate projects over the next five years.

CEO Khalid Bin Kalban told Bloomberg that the company's Dubai Investment Real Estate Company unit will start tendering in the next two months for one major project.

Mirdiff Hills will be a AED2.5 billion project in Dubai that will include 1,500 homes, a 230-room hotel, shops and 200,000 square-feet of office space, he said in comments published by Bloomberg.

“We don’t think there will be need to borrow,” for Mirdiff Hills, Bin Kalban was quoted as saying. “We’ll be able to sell the project easily because of its size, location and components.”

He added that the company may need bank or debt-market funding for a AED7 billion project planned in Dubai Investment Park.

“We are talking to a major investor to come on board and help,” he said. “They will either pay us rental or take over the project within a certain number of years."

Work also started two weeks ago on a AED800 million business park in Fujairah, Bin Kalban told Bloomberg.

He added that Dubai Investments is also in talks with owners of several unfinished buildings within Dubai Investment Park to take over and complete them.

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