DIFC, Ascon ink $300m JV deal

DUBAI - The DIFC announced signing a $300 million joint venture agreement with Associated Constructions and Investments Co. (Ascon) to build a multi-purpose building within the Centre. This agreement follows a series of announcements confirming the great interest in the project from local, regional and global investors and developers.

By A Staff Reporter

Published: Mon 7 Jun 2004, 9:53 AM

Last updated: Thu 2 Apr 2015, 12:00 PM

The agreement is worth around Dh300 million and when completed will total 550,000 square feet of residential, retail and office space. It will also use smart card technology and integrate an intelligent parking system for its 1000 space car park. The DIFC, on behalf of the Government of Dubai, expects to announce further successful bids over the coming weeks.

Anis Al Jallaf, chairman of DIFC said: "This agreement demonstrates the excitement the DIFC has created amongst investors in the region and internationally. The first of these stages started early in 2003 prior to the law on financial free zones when several investors identified, and committed to, the DIFC opportunity. Early agreements with companies such as Union Properties, Nexus Capital SA and the Sovereign Group created a benchmark and demonstrated to the market the high potential of DIFC real estate."

He further added: "Following the constitutional amendment, demand

amongst investors surged. We received over 25 bids from leading local, regional and international businesses, which we evaluated with the support of PWC. This announcement with Ascon represents one of these awards."

Naser Nabulsi,chief executive officer of DIFC commented: "Shaikh Mohammed's vision is to create a state of the art financial hub. The innovation, attention to detail and flexibility we will offer is being replicated in, what will be, a state of the art mixed use building. Ascon has rightly identified the DIFC as a platform to continue its phenomenal track record and I am thrilled to welcome them on board."

Syed M. Salahuddin, managing director of Ascon said: "Ascon is delighted to be partnering with DIFC in this venture and will be executing this project through a Special Purpose Company. The Dubai government has led the region in establishing projects such as this, that have flourished; the DIFC is set to be its next success story."