Dubai Properties to double investment to $272bn

State-owned developer to boost property portfolio within next five years, group CEO says.
Dubai Properties to double investment to $272bn
By Amy Glass
Thu 21 Aug 2008 10:02 AM

State-owned Dubai Properties is set to almost double its real estate investmentto 1 trillion dirhams($272.2 billion) within the next five years from565 billion dirhams currently, its group CEO has said.

Mohamed Binbrek, CEO of Dubai Properties Group, said the company has 26 property plots still to be developed, UAE daily Emirates Business reported on Thursday.

The developer is confident of reaching 700 billion dirhams worth of investment in the next three years, Binbrek said.

Dubai Properties, a subsidiary of Dubai Holding, reached 550 billion dirhams in investments in April, with the launch of its Mohammed bin Rashid Gardens mega eco-project.

Binbrek told the newspaper Dubai remains the focus for the firm, but it is considering options for expansion overseas, including opening an office in India.

The firm is also considering opportunities in Pakistan, Tunisia, Qatar, Uzbekistan, the Maldives and Madagascar, he said.

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