(SUPPLIED)   

 

The company behind the development of towers named after sports legends Michael Schumacher, Boris Becker and Niki Lauda will invest in 20 projects across the UAE.


The total value of the yet-to-be-named projects will be Dh7 billion, said Robin Lohmann, Managing Director of ACI Real Estate, an affiliate of Alternative Capital Invest GMBH of Germany. “This year will be biggest year for the company in the UAE so far,” he said. “All the 20 new projects will be announced within the year.”

The company plans to expand into Abu Dhabi and Ajman but will continue to focus on Dubai.


“There is no other place with as many freehold properties as Dubai,” added Lohmann. “The property market in Dubai will continue to grow at the same pace for the next 15 years.


“But we are going to build four residential and four commercial towers worth around Dh3.5bn in Ajman. This is the right time to invest there – the emirate is growing and we do not want to be left behind.”

The company is planning five properties in Abu Dhabi and seven in Dubai – four in Dubailand, two residential projects in Jumeirah Village South and an apartment block at the Lagoons.

Lohmann said: “This year we will be expanding into Qatar, which despite high inflation, is a very attractive market. They are aware of the problem and are working towards solving it.

“In Dubai, too, the inflation level is quite high. The cost of construction in the UAE is going up by 1.5 per cent every month and this is reflected in the sale prices.”