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29 February 2024

Asas Holding plans Dh2bn Dubai project

By Parag Deulgaonkar


Asas Holding, a Dubai-based developer, is in talks with the Dubai Government to secure land to launch a Dh2 billion residential project along Al Ain Road, a top company executive said.

“We are in talks with the Dubai Government and we hope to secure land to launch an affordable housing project,” Khalid Al Mutawa, Chairman, Asas Holding, told Emirates Business.

Most of developers in Dubai have not entered the affordable housing sector as land prices have jumped by 100 per cent in key areas. The company has launched two projects – Ontario Tower on Sheikh Zayed Road and Rose Tower in Sharjah. It will announce the launch of its third project – Sharena Residence – in Marjan soon. The project will have eight buildings with studio, one- and two-bedroom apartments.

Asas has already launched projects worth Dh2bn in Dubai and Sharjah and will double its investment portfolio to Dh4bn in the next two years. “We plan to invest another Dh2bn in the Dubai real estate market as we have full confidence in the market. However, we have taken a very conservative approach and we will invest step by step,” Al Mutawa said.

Asas is also looking to expand to overseas markets in 2009 and has earmarked an initial investment of Dh500 million, Al Mutawa said.
“We are looking to enter into India, China, Malaysia and Bangladesh by next year, mostly through joint ventures. Morocco and Libya too are on our list.”

Asas Holding is the holding company of the Dubai Continental Group of Companies, founded in 1981.