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DIRC buys land and buildings in Bur Dubai

By Staff Writer




Dubai Investments Real Estate, the real estate arm of Dubai Investments, has acquired properties in Bur Dubai, the heart of old Dubai, through its subsidiary Al Mujama Real Estate by way of a recent deal with ANC Holdings.

According to the agreement, which was signed by Khalid Kalban, Managing Director and CEO of Dubai Investments, and Tayeb Baker, Chairman of ANC Holdings, Al Mujama Real Estate has acquired three furnished apartment buildings with more than 117 hotel apartments and a plot of land on which a four-star business hotel is under construction.

“As a rapidly growing real estate company, Dubai Investments Real Estate has endeavoured to continuously set and meet new standards,” said Khalid Kalban.

“Dubai has emerged as one of the most popular tourist destinations in the world. This has resulted in an ever-increasing demand for hotel accommodation throughout the emirate. Our acquisition of these new properties marks an important addition to DIRC’s portfolio and DIRC’s first venture into the hospitality sector. We are confident that this venture will be a great success.”

Obaid Al Salami, general manager of Dubai Investments Real Estate and Al Mujama Real Estate, said: “The three existing apartment buildings, which have been operational as hotel apartments under the name Al Faris Hotel Apartments, are located in Bur Dubai and consist of studio, one-bedroom and two-bedroom apartments that are available for rent on an annual, monthly or daily basis. These buildings also have ground floor spaces available for rent.

“The four-star business hotel, which is under construction, is located on a plot opposite the BurJuman shopping mall in Bur Dubai. Once completed, it will house 153 business suites. The construction has been awarded to ANC Contracting Company.”