Master developer Dubai Properties is set to nearly double its local project portfolio from the current Dh565 billion to about Dh1 trillion in the next five years, a top official has revealed.
"We are confident of reaching the Dh700bn mark in the next three years with our next jump leading us to cross Dh1 trillion," Mohamed Binbrek, Group CEO, Dubai Properties Group, told Emirates Business in an exclusive interview. "We still have 26 plots that have not yet been developed."
Dubai Properties is a subsidiary of Dubai Properties Group, which is in turn a subsidiary of Dubai Holding. It crossed the Dh550bn level in April 2008 with the announcement of the Dh200bn Mohammed Bin Rashid Gardens by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"We are privileged to have been given the task and challenge of developing the project," added Binbrek. "We are now at the drawing board stage and doing our assessment. We will be able to come back in a year's time with a full-fledged plan to roll out the project."
In comparison to Dubai Properties, Dubai World units Nakheel and Limitless have project portfolios worth Dh294bn and Dh368bn, respectively.
Binbrek said Dubai continued to offer huge opportunities and would remain the focus of Dubai Properties' operations, but the company was considering options for expansion overseas.
"We are committed to going international. We plan to open a representative office in India by the fourth quarter. This will offer us opportunity to look at expansion within Southeast Asia."
Dubai Properties is in talks with companies about setting up a joint venture in India.
"We are in exploratory discussions with potential partners and have not yet reached a partnership agreement," he said
The company is also studying opportunities in Pakistan, Tunisia, Qatar, Uzbekistan, the Maldives and Madagascar.
"We are looking at these countries in terms of reconnaissance missions but we haven't yet established anything," he said.