Dubai Investments to handover projects worth Dh3.5 billion in second half

Dubai Investments has reaffirmed its commitment to driving the thriving real estate sector with project handovers worth Dh3.5 billion in H2 2021across Dubai and Fujairah.

In a statement, the company said its handover portfolio during the second half of 2021 includes the handing over of the final phase comprising of mall, retail, offices, and the hotel within the commercial cluster of the Dh3 billion Mirdif Hills Project – a mixed-use community development in Mirdif. Dubai Investments handed over the residential cluster within the project in 2020.

“Works are also progressing steadily to complete the Dh470 million flagship Al Taif Business Centre project in Fujairah - a mixed-use project comprising of the mall, office tower, residential tower, and the hotel,” it said.

Khalid bin Kalban, vice-chairman and CEO, Dubai Investments, said with the real estate sector maintaining stability in Q1 2021, it will continue to be a key vertical for Dubai Investments.

“We are completing the final phases of the projects at strategic locations, offering a range of investment opportunities, aimed at furthering economic diversification and enhancing the investment environment. Our commitment to a fast-paced track to growth will ensure the sustainability of the development process and the consolidation of a knowledge-based economy that can attract assets and investments from around the world”, said Kalban.

“Providing a perfect blend of residential, commercial and hospitality segments, the two projects together will provide more than 240,000 Sq. ft of retail space with 100 retail units, more than 280,000 sq.ft of office spaces, more than 350 hotel rooms and more than 1200 units of residential and serviced apartment,” said the statement.

The projects, counted towards setting a benchmark in the emirate’s planned urban development, will act as a catalyst, attracting investments and elevating profile as a vibrant business destination coupled with attributes addressing lifestyle needs of hospitality, retail, and entertainment across the emirates, said the company.

— issacjohn@khaleejtimes.com