By Shane McGinley
Bank signs Memorandum of Understanding to buy commercial buildings in Meydan Metropolis Phase 1.
Emirates NBD bank has agreed to buy three buildings in the business park within the Meydan development, the Dubai-based bank confirmed at a press conference on Thursday ahead of the Dubai World Cup taking place at the weekend. The bank has signed a memorandum of understanding (MoU) to purchase three commercial buildings in Meydan Metropolis Phase 1, Meydan’s business park zone.
Situated along Al Ain Road and Nad Al Sheba Road, the buildings will be used for corporate staffing and are due to be completed by the end of 2011.
“Emirates NBD is the leading banking group in the region, and to have them onboard as an investor in Meydan Metropolis is a strong testament to their belief in both the Meydan as well as the long-term investment outlook for Dubai,” said Saeed Humaid Al Tayer, chairman and CEO of Meydan.
Meydan Metropolis will be the main business district of Meydan City, which will also include the Meydan Free Zone and Meydan Racecourse and is home of the 2010 Dubai World Cup horse race.