The WSJ has reported in its latest edition that an investment firm controlled by the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, had concluded a deal to purchase 21,000 rental apartments in the Sunbelt for $1 billion.
According to the report, the Sunbelt apartments are being purchased as part of a venture between Dubai Investment Group, an affiliate of Dubai Holding, and the Milestone Group, a New York-based real-estate investment and advisory firm.
Dubai Holding includes several businesses that were once under the umbrella of Sheikh Mohammed's private office. Its units include real estate company Dubai Properties as well as Dubai Internet City, Dubai Media City, and Dubai Healthcare City.
