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DWC to invest in emerging markets
DUBAI - By next year the real-estate arm of Dubai World Central will invest in huge urban land projects in emerging markets worldwide as 2009 revenues are expected to hit Dh70 billion, said the chief executive of DWC Real Estate.
"We are focusing on how DWC can export its services abroad, or can do real estate business in the emerging markets," said Khalid Harib bin Harib in an interview. "By 2009 our international real-estate arm will be activated."
He said that a number of city developers across the emerging markets have also asked DWC Real Estate to act as their consultant for communities and private developers. The developers are confident of the company's ability to transform complex design ideas into reality as well as its good understanding of the capital markets.
Revenues from the company's projects have reached Dh10 billion, between Dh6 billion and Dh8 billion of which was generated from real estate projects, said Saeed Al Salkhadi, a senior executive for research and development at DWC Real Estate.
DWC, the brand name of Dubai Aviation City Corporation (DACC), has tasked DWC Real Estate to design, build, develop, sell and lease its property projects worth Dh121.21 billion ($33 billion). It is an aviation-themed multi-phase urban land development spread across 140 sq km around the Al Maktoum International Airport, set to become the world's largest airport when completed.
"Dubai World Central is a testament to our understanding and expertise of mega developments and applying smart growth principles in suburban greenfields, and the role of planned communities in a regional Greenfield strategy," Bin Harib said in a prepared statement.
He also said that Greenfield development, wherein a conglomerate enters a foreign market by setting up new ventures, is the most practical and affordable process to build sustainable infrastructures with careful planning.
DWC has been endorsed by the government of Dubai to support the emirate's aviation, tourism, commercial and logistics requirements until 2050 and beyond. It comprises six specialised clustered zones, including the Al Maktoum airport, Dubai Logistics City (DLC), DWC Aviation City, DWC Commercial City, DWC Residential City and DWC Golf City.
These projects are being built 40 km away from the Dubai International Airport and will be fully operational between 2015 and 2020. Maisoon Thani, GM of DWC Real Estate, said the sale of the first two phases of the 800-hectare residential city project was completed within the last two years while phase three will be sold next year and phases 4 and five during the succeeding years.
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