The Dubai International Financial Centre has signed a deal with Kuwaiti joint venture partners, Global Investment House and Al Mazaya Holdings Co, to create a residential building at the 44-hectare DIFC site, following a successful bid at the recent land auctions.
The deal is worth Dh450 million in total foreign direct investment (FDI), a statement from DIFC said, cited by Gulf News.
"The vision of General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, is for DIFC to create a truly world class financial centre to rival those in London, New York and Hong Kong," said Naser Nabulsi, CEO of the centre.
"Our goal is to gain investment throughout the region to realise this vision and I am delighted that this agreement falls directly into the Dubai government's strategy for attracting foreign direct investment."
The project will offer up to 1 million square feet of residential space including parking and will be located over Road 312 and across the Gate Gardens District. It will be one of the few all-residential buildings in the centre. (menareport.com)
© 2004 Mena Report (www.menareport.com)
