Dubai Investments will be handing over AED 3.5 billion, or USD 953 million, in real estate properties in H2 this year, according to a recent statement by the company. The properties are located across Dubai and Fujairah.
The portfolio to be handed over in the second half includes over 240,000 square feet of retail space and 100 retail units, 280,000 square feet of office space, 350 hotel keys and 1,200 residential and serviced apartment units.
These included a mall, retail and office space, and a hotel as well within the AED 3 billion (USD 817 million) mixed use Mirdif Hills project by Dubai Investments. The residential cluster for the project had been handed over in 2020.
Meanwhile, another mixed use project, the Al Taif Business Centre in Fujairah, is also in progress. The AED 470 million (USD 128 million) flagship project consists of a mall, office and residential tower, and a hotel.
“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,” Khalid Bin Kalban, vice chairperson and CEO of Dubai Investments, said.
Dubai Investments expects the two projects to attract investor monies and boost the UAE’s profile as a business destination.
DUBAI INVESTMENTS SAW PROFITS GROW 47% IN H1
The investment company saw profits grow by 47% in H1 this year, reaching AED 302 million (USD 82.2 million) as compared to AED 205 million (USD 55.8 million) for the same period last year.
Similarly, the company’s total income also grew 51%, amounting to AED 1.72 billion (USD 468 million) as compared to AED 1.14 billion (USD 310 million) in the previous period.
Dubai Investments attributed the growth to the improved performance of its manufacturing and contracting, and investment business verticals, and a surge in sales in its property segment.
The company would be focusing on “diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah. We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course,” Al Kalban said about the H1 results.
Photo credit: https://www.arabnews.com/node/1431916/corporate-news,
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