Al
Burj Real Estate Ltd., a Dubai-based strategic investor, developer
and real estate solutions provider, today announced the handover of
the first plots of land at Madinat Al Arab, Dubai Waterfront. The
handover will take place in August this year as informed by the master
developer, Nakheel. In 2005, the company purchased 70 percent of the
available plots in Phase I of Madinat Al Arab worth AED 7 billion,
making it the biggest investor in the development.
The
iconic waterfront plots will be developed into districts comprising
10 to 50-storey buildings for commercial, resort and residential use.
Nakheel is currently developing Madinat Al Arab’s infrastructure,
work which will continue in parallel to construction by other developers
until completion.
In
his comments on the landmark handover, Al Burj Real Estate’s
Vice-Chairman Abdul Rahim Al Zarooni, said: “We are proud to
announce the handover of the first plots of land in Madinat Al Arab
by Nakheel, marking a very significant development during our second
year of operations. Our strategic investments in Madinat Al Arab are
in line with the strong demand in the real estate sector, particularly
for limited waterfront developments.”
Al
Burj Real Estate earlier this year announced a net profit of AED 935
million by end-2006, a noteworthy achievement in the company's first
full year of operations. With a mix of plans and strategic forays,
Al Burj Real Estate is one of the biggest real estate investment companies
in the region.
Commenting
on the handover, Mr. Naushad Noor Ali Rashid, CEO of Al Burj Real
Estate, said: “Given its iconic nature, the Madinat Al Arab
project continues to generate tremendous demand from investors and
developers alike. The project has generated great interest from investors
looking for attractive returns as it is competitively priced and is
the last of its kind on the last stretch of natural beachfront property
available in Dubai.”
He
added: “We will continue to concentrate on other strategic investments
with Nakheel while exploring new opportunities to collaborate with
leading regional and international real estate developers. This strategy
forms part of our broader vision to provide attractive real estate
opportunities and solutions through prominent partnerships.”
Madinat Al Arab will stretch along Dubai’s last natural beach
front which borders with Abu Dhabi and will be the focal point of
the new Dubai and its central business district, next to the Jebel
Ali Free Zone and the world’s largest airport. The downtown
will encompass all the key components of the master plan comprising
mixed use, commercial, residential, resort and amenity zones.
