Gulf Investments Group, which is specializing in investments consulting in the region announced it had entered into strategic alliance with the Spanish based company "Inicias". The Spanish firm is a multinational company of consulting engineering and management of construction planning projects. Its main offices are located in Valencia, reported Al-Bayan newspaper on April 10, 2005.
The head of Inicias' board of directors said that this strategic alliance gives his company an opportunity to take a portion of the Gulf's growing real estate market, especially in Dubai, mentioning that recent estimations forecast that the real estate sector in the UAE itself is expected to surpass $63 billion during the next seven years.
The first fruit of this strategic alliance was a contract signed between the two partners and local businessman, Suleiman al-Fahim, for developing and designing his new real estate housing and commercial project, which is spread over a 120,000 square feet in Dubai. The contract signed is valued by Dh27 million ($7.3 million), and it is part of a project of construction of 3 housing and office towers with total investments of Dh 480 million ($130.6 million).
Inicias, which specializing in the areas of engineering, architecture, town planning and land use, has a representative office in Dubai since last year. Following this strategic alliance the company reinforced the stuff in its Dubai office by more engineers, architects and consultants.
