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Fri 16 Dec 2016 12:41 AM

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Dubai Investments says targeting real estate projects in Africa

Company says has identified some growth markets in Africa which provide the stimulus to invest

Dubai Investments says targeting real estate projects in Africa
Khalid Bin Kalban, managing director and CEO of Dubai Investments.

Dubai Investments has said it is targeting robust growth in the real estate sector with a number of new projects in planning and execution stages across the UAE and other parts of the world.

As well as projects such as the AED3 billion ($810 million) Mirdif Hills and the Green Community West Phase 3 projects in its home market, the company said it is also targeting mixed-use industrial and business parks in Africa.

Dubai Investments said its subsidiaries in real estate and property management sector constitute 62 percent of its total asset mix, worth AED9.7 billion.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments has carved a niche as one of the major players in the real estate and property management sector across the UAE. The company has also expanded into other countries... a number of proposals are also under negotiations to replicate Dubai Investments’ success and business models in different markets.”

He added: “Dubai Investments has identified some growth markets which provide the stimulus to invest, particularly in the real estate sector, and generate high returns. Africa is very much part of this geographical scope.”

One of the significant projects launched by Dubai Investments is Mirdif Hills, which is spread across 4 million square feet and includes 1,300 apartments, a four-star hotel with 120 rooms and 128 serviced apartments, hospital, retail outlets and community recreation.

It added that the Green Community West Phase 3 will comprise 210 townhouses, 16 duplex apartments, three retail shops and two recreational centres, with a total of 76 townhouses  expected to be completed and handed over in the first quarter of 2017.

Dubai Investments also said it has formed a new entity - Palisades Development Company - to lease, buy and sell land in The Palisades, spread across nearly 20 million square feet within Dubai Investment Park. The project comprises 20 buildings, with 1,450 apartments, 36 townhouses and eight villas.

Over 1,150 residential units are also currently under construction within DIP and are expected to be completed by 2018.

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