By Staff writer
Fledgling property company Madai’n is expected to unveil plans for a US $234 million (AED 872 million) residential development in Dubai later this month.
The project will involve construction of around 800 villas and apartments.
Adel Lootah, CEO, Madai’n, said: “The directors were unanimous in their view that Dubai and Abu Dhabi presented the best opportunities for investment in the real estate sector.
“As Dubai is the growth area with the biggest potential for investment, it was decided to launch the first project in Dubai, and then eventually move into Abu Dhabi and neighbouring emirates and states.
It was also agreed at the meeting that the first project would be a major residential development.”
He added: “Madai’n has a new vision in real estate development, and aims to focus on real estate projects that will ensure a high standard of quality and return on investment.
We are confident that with the help of our partners, associates and an experienced management team, Madai’n will quickly emerge as a key player in the regional real estate scene.”
Madai’n Real Estate Company was incorporated in 2006 as a private joint stock company in Dubai with a paid-up share capital of $136 million.
Its shareholders include the Ahmed Ramadan Juma Group, a leading UAE-based trading and engineering services group, Kuwait-based Gulf Investment House, one of the leading financial services companies in the region, and other key GCC investors.