Vakson joins hands with Kuwaiti group

DUBAI — Dubai-based Vakson Group has entered into an alliance with Kuwait’s Mazaya Group to launch another major venture in its array of freehold property portfolio.

By Abdul Haque Chowdhury

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Published: Wed 9 Feb 2005, 10:39 AM

Last updated: Thu 2 Apr 2015, 4:24 PM

The new move allows Vakson to market and sell 680 apartments in Icon Towers 1 & 2 at Jumeirah Lakes and 419 apartments in Sky Gardens in the Dubai International Finance Centre. Mazaya Group which acquired these projects is specialised in real estate development and project management.

With the launch of this new venture, Vakson expects to fetch more than Dh1 billion ($272 million) this year. Last year, the company’s sale of land and buildings yielded a turnover of more than Dh2 billion.

Abbas Vakil, managing director of the Vakson Group, told Khaleej Times that the company’s total portfolio of freehold properties — either sold or in the process — represents a value of nearly Dh5 billion.

Vakson is one of the few companies that has executed the Dh5 million bond required by the authorities. Its leasing division manages nearly 5,000 units in Dubai and Sharjah, which represent a lease value of more than Dh100 million.

Vakil believes the opening up of the property market to freehold investments in mid-2002 is one of the key factors to the development of Dubai.

“Freehold properties provide the missing link to what Dubai has to offer. No other city in the AGCC is expected to match Dubai’s features and pace of growth. The property market is buoyant and provides a transparent and stable platform for investment. It has received overwhelming response from new companies and multinationals and the list of investors is growing,” he said.

Vakson has also introduced sales of 300 freehold apartments in the Emirates Crown, a new exclusive property on the waterfront opposite the Yacht Club in Dubai. It is also ‘selling England’ in Dubai.

“We have acquired 50 buildings within the England cluster at Dubai International City,” Vakil added.

The company’s other freehold portfolio includes 400 units in Dreams, 350 units in Marina Crown, 38 units in Emerald Residence, 110 units in Al Dabbas and 200 villas and apartments in Palm Jebel Ali and Palm Jumeirah.

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