Tecom Investments, a member of Dubai Holding, and Abyaar Real Estate Development have entered into a joint venture to invest Dh10 billion to develop mixed-use projects at the International Media Production Zone (IMPZ) and Tecom Site-A on Al Soufouh Road.
“Abyaar will study the master plan and redesign certain aspects of the project to include both residential and retail areas in IMPZ, while the project in Tecom Site-A will comprise a 70-storey tower,” said Marzooq Al Rashdan, Vice-Chairman and Managing Director of Abyaar (pictured above, left).
The joint venture will develop a total built-up area of five million square feet at IMPZ, of which three million square foot will be dedicated for residential developments and the remaining two million square foot for retail and commercial. The tower at Tecom Site-A will have a built up area of one million square feet.
Tecom has already started work on the infrastructure, while the construction work is expected to start in May 2008 and finish in five years time, Al Rashdan said.
Abyaar Real Estate, which is listed on Kuwait Stock Exchange, entered the real estate market in 2005 and has witnessed impressive growth due to the increasing demand in the real estate sector. “Dubai is the most attractive place in the region to do business, especially in the field of real estate development. And the main reason for Dubai’s success is the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which is becoming a reality every day,” Al Rashdan said.
“We are pleased to partner with Abyaar on this important project as their track record matches with our own deep commitment to excellence and customer satisfaction,” said Abdullatif Al Mulla, Chief Executive Officer, Tecom Investments (pictured above, right).
“Teaming up with one of the leading property developers will allow us to maintain our already high standards, combined with the added luxury Abyaar specialises in,” he added. The companies are also in talks to extend their partnership.
Al Rashdan said: “We are in talks with Tecom and plan to expand our partnership across the region.”
Tecom and Abyaar to develop mixed-use projects