By Andy Sambidge
Company chairman says Expo 2020 victory has created 'attractive investment proposition' in Dubai
The boss of MAG Group, the Dubai-based conglomerate, has said it expects to invest up to AED15 billion ($4.08 billion) in the future of Dubai and the wider UAE.
Moafaq Al Gaddah, chairman of MAG Group, said the hosting of Expo 2020 in Dubai has created an attractive investment proposition for local, regional and international investors.
“Now that the city has won the right to host Expo 2020 it has galvanised investment sentiment and I am sure that we are not the only company feeling the current wave of overwhelming business optimism,” said Al Gaddah.
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.
“There may well be cynics out there who look at Dubai’s development and wonder what all the fuss is about. For those of us who have been living and working in Dubai for the past fifteen years, or thirty six in my case, this is nothing short of miraculous," he said.
“What Dubai has achieved is the result of careful planning, hard work and more importantly the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, where they made a model of the city of Dubai model,” added Al Gaddah.
The company also has plans to develop a AED750 million residential project in Sharjah, a AED700 million Art Centre in Barsha, a AED865 million City of Arabia residential project, a AED500 million MAG residential tower in the Burj Khalifah area, a AED100 million MAG Logistics plant in Jebel Ali and a AED180 million MAG 226 residential tower in Jumeirah Village.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.