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UAE company invests $ 5.4 billion in a real estate project
United Arab Emirates, Economics, 6/7/2005
A group of investors in the United Arab Emirates intends to spend 5.4 billion dollars in order to build offices and houses that can accommodate 80,000 persons on an island close to the capital Abu Dhabi.
One quarter of Reem island which is built on an areas of 1.8 million square meters will be allocated very high residential and trade buildings to be rented for 99 years to the citizens of the United Arab Emirates and foreigners working in it.
The investment company was established at the support of 30 investors of UAE establishments and individuals.
Reports said that Abu Dhabi is inclined to permit foreigners to have real estate ownership with the aim to reactivate the real estate market in line with the construction operation in the UAE.
Total investments in this sector is expected to reach $ 27 billion.
Previous Stories:
Morocco, UAE launch $ 2bn project to develop Oued Bouregreg valley
(5/18/2005)
Dubai builds a steel factory at a cost of $ 13.62 million
(2/14/2005)
UAE, US free trade negotiations start in March
(2/12/2005)
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