An investment in the amount of Dh2.1 billion will be made to construct a new residential complex in the International Media Production Zone (iMPZ) in Dubai by Dana Property Development.
Under the new deal, signed by Hamad Huraiz, Director of the International Media Production Zone (iMPZ) and Eng. Faisal Ali Moosa Al Naqbi, CEO of Dana Property Development, 11 residential towers in iMPZ will be built.
"iMPZ is glad to have Dana Property Development as a partner in building a community infrastructure for the region's media production industry," said Hamad Huraiz, Director of iMPZ, according to Khaleej Times.
"The site for iMPZ, when developed, will become an economic engine that will power the development of this industry," added Eng. Faisal Ali Moosa Al Naqbi, CEO of Dana Property Development LLC.
Construction on the project is set to begin in the first quarter of 2007 and be completed by mid 2009.
© 2006 Mena Report (www.menareport.com)
