Dubai Investments progresses projects worth $1.2bn

Mirdiff Hills and Green Community developments close to completion.

Dubai Investments is making steady progress on its portfolio of real estate projects which are valued at around AED 4.5bn ($1.22bn).

Mirdif Hills, a mixed-use residential, commercial and retail development by DIRC, is set to launch the sales of Nasayem Avenue, its second cluster, soon, the company said in a statement.

Excavation and foundation works for Janayen and Nasayem Avenues are nearly 100% complete as of mid-August 2017.

Mirdif Hills comprises 1,500 apartments, a four-star hotel with 116 rooms and 128 serviced apartments, a 230-bed hospital, retail outlets and community recreation. The project is expected to be fully completed by end of 2018.

The Green Community DIP – West Phase 3, being developed by Properties Investment – owned 70% by Dubai Investments and 30% by Union Properties, is expected to be completely handed over by the end of 2017.

The project has 210 townhouses, 16 duplex apartments, three shops and two recreational centres.

DI is also developing the Fujairah Business Centre in Fujairah through Al Taif Investment, besides a number of other residential projects. Projects, which are either in planning or finalisation stage, include a tower on Sheikh Zayed Road, residential buildings in Al Nahda, Al Barsha, Jumeirah Village Circle, Meydan & Abu Dhabi and a hotel in Bur Dubai. Other projects include expansion of The Market shopping arcade in Green Community – DIP and two residential buildings in DIP.

The company’s real estate assets were worth AED 10.82bn as of June 30, constituting over 65% of its total asset mix.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “The UAE real estate market is characterised by strong fundamentals and the government’s strategy further accentuates its reputation as the preferred investment destination in the Middle East with ample opportunities to drive added value.

“The real estate projects by Dubai Investments are aimed at not only rejuvenating the sector but also boosting the strong growth potential on offer.”

Dubai Investments will showcase Mirdif Hills and Green Community DIP – West Phase 3 at Cityscape Global in Dubai from September 11 and 13.