Zabeel launches development firm
Zabeel Investments yesterday launched its new property development company, Zabeel Properties.
Zabeel Properties takes over Zabeel Investments’ existing Dh15 billion property portfolio, which includes projects located in the UAE.
Its launch as a stand-alone entity will enable Zabeel to focus on its growth in property development in the UAE and overseas.
Unveiling the new company, Mohammed Ali Al Hashimi, Executive Chairman, said: “This move is in line with Zabeel Investments strategy to develop its real estate portfolio both regionally and internationally.
“In just two years, we have established an impressive range of prestigious residential, commercial and hospitality developments. Many will represent firsts for the region – whether it is in design or in green standards – given that we are passionate about enhancing the growing reputation of real estate in Dubai and supporting the emirate’s transformation into the most dynamic business, financial, tourism and entertainment centre in the Middle East.”
“In establishing the Zabeel Properties brand, we have an existing business and a leadership team that will now work to enhance our position as a quality and responsible developer.”
Zabeel Investments is a Dubai-based diversified investment company with business interests spanning commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the GCC and other markets. Al Hashimi also confirmed the appointment of Robert Norton as CEO of Zabeel Properties who previously held the post of executive director of development at Zabeel Investments.
Al Hashimi said: “Norton has already played a pivotal role in establishing our property business and will build on this success as we look to expand in Dubai, across the UAE and further afield.”
The chief executive said: “We have become recognised as a company that will not compromise on quality, attention to detail and exceeds customer expectations.
Establishing this company will simply reinforce that focus moving forward and deliver on our commitment to become an industry leader in environmentally sustainable developments.”
Norton said Zabeel Properties would continue to be a niche project developer. “In establishing Zabeel Properties, we are planning to expand, initially here in Dubai and the wider UAE, and then in other key markets, but we will always maintain our position as a niche developer and one that has the eye for detail,” he said.
The new Zabeel Properties business will bring together an existing portfolio of development work, which includes a Dh2.1bn residential, hospitality and lifestyle project, Tiara Residence & Tiara Hotel, which is poised to become one of the premier properties on the Palm Jumeirah; as well as the Tiara United Towers, a joint venture with United Holdings to deliver a landmark commercial and hospitality project on Dubai’s Sheikh Zayed Road.
The Dh2.4bn developments’ visually striking twin towers will represent a design first for the region.
There is also a soon-to-be-launched 800-room “Americas Hotel & Resort” on the Bawadi development in Dubai, which promises to become one of the world’s most exciting entertainment and leisure destinations offering amusement centres, shopping malls, theatres, restaurants and convention centres.
Zabeel will also enter a joint venture with Aldar to develop a Dh3.5bn project combining a golf course and luxurious villas on Yas Island, situated off the coast of the capital of the Emirates.
“Zabeel Properties will be passionate about preserving, protecting and enhancing the environment of our emirate of Dubai and further afield. But our actions speak louder than words and we will consistently demonstrate this through the projects we undertake,” Norton said
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