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Fri 11 Apr 2014 09:49 AM

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Dubai's MAG Group acquires land for Dallas project

Conglomerate is set to develop mixed-use commercial, residential project in US state of Texas

Dubai's MAG Group acquires land for Dallas project
Moafaq Al Gaddah, Chairman, MAG Group

Dubai-based conglomerate Moafaq Ahmed Al Gaddah (MAG) Group is developing a mixed-use commercial and residential project in Texas, its only real estate project outside of the UAE.

The Group has acquired some 80 acres of land in Frisco, Dallas, with the project currently in the design stage, Construction Week Online reported.

MAG Group owner and chairman Moafaq Ahmed Al Gaddah said: “We have undertaken studies on the US market and one of the fastest growing cities there for the residential market is Dallas.

"It has lots of yearly residential growth. We saw a gap in the market and went for it. The project is going to be a compound with full services and facilities. We will lease it.”

In February, Al Gaddah said the company expects to invest up to AED15 billion ($4.08 billion) in the future of Dubai and the wider UAE.

MAG Group has already announced projects under implementation, worth AED5 billion, including a AED2 billion mixed-use project located in the Meydan district, comprising 106 townhouses and a residential community spread across 29 five-storey apartment buildings.

Al Gaddah revealed that the company is studying plans to buy land for additional projects which could be worth up to AED10 billion in Dubailand, Jebel Ali and Abu Dhabi.

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