DIFC Real Estate Fund Invests AED 3bn in Dubai Pearl |
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Deal marks first acquisition by the recently launched multi-billion Dirham fund
Dubai: 07 October, 2008 - DIFC InvestmentsDIFC Investments
, the investment arm of the Dubai International Financial Centre (DIFC), announced today that it has invested over AED3 billion (US$ 817 million) in the Dubai Pearl project. The investment was made through DIFC InvestmentsDIFC Investments' real estate fund, which was launched recently to tap into the booming property sector in Dubai and the UAE. The multi-billion Dirham fund seeks to create a portfolio of quality real estate acquisitions that will yield positive return on equity as the property sector continues to grow.
Dubai Pearl is an AED15 billion mixed-use luxury project located adjacent to TECOM Investments' knowledge clusters. It is being developed by Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group. The deal takes the total sales at the luxury Dubai Pearl development to more than AED10 billion.
H.E. Dr. Omar bin Suleiman, the Governor of DIFC and Chairman of DIFC InvestmentsDIFC Investments said: "This acquisition marks our first major investment into Dubai's real estate sector, which continues to demonstrate tremendous potential for investors and homeowners.
Abdul Majed Al Fahim, Chairman of Pearl Dubai FZ LLC, said: "We are delighted to announce DIFC InvestmentsDIFC Investments has acquired a significant portion of the prestigious Dubai Pearl development. The purchase validates the status of the 15million sq ft Dubai Pearl development as a unique destination.
"The interest shown by the recently launched fund of DIFC InvestmentsDIFC Investments also justifies our commitment to creating world class developments as the region's leading master developers of elite projects."
Dubai Pearl is a premier business and lifestyle destination that aims to create climate-conditioned pedestrian walkways, conveying a street café ambience with international restaurants, boutiques and urban landscaping, it is the only development overlooking Palm Jumeirah.
Expected to be completed by December 2011, Dubai Pearl will combine an active business district with quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as Jumeirah. It will be linked to Dubai Metro and other modes of public transport.
In October 2008, DIFC InvestmentsDIFC Investments, through its real estate arm, launched a fund that will focus on Dubai and the UAE's real estate sector. The fund aims to tap into the sector's potential growth over the next few years as more developments are launched to meet the demands of the region's population boom.
-Ends-
About the DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just three years, over 700 firms have registered at the DIFC.
They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
About DIFC InvestmentsDIFC Investments
Operating under the umbrella of the DIFC, DIFC InvestmentsDIFC Investments administers commercial activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies, and any other strategic investments or alliances that will further the goals and objectives of the DIFC and contribute to the fulfillment of its vision. The broad mandate of DIFC InvestmentsDIFC Investments also includes responsibility for all non-public administration activities previously carried out by the DIFC Authority, the body of the DIFC charged with developing overall strategy and providing direction and supervision to the centre.
Dubai Pearl
Dubai Pearl is a US$4 billion world class, mixed-use development by Pearl Dubai FZ LLC. Located opposite the Palm Jumeirah in the heart of the Dubai Technology and Media Free Zone, a state-of-the-art business cluster operated by TECOM and home to global IT and media companies.
Dubai Pearl is a landmark destination offering spectacular views of the Dubai coast. The development will redefine the pulse of new Dubai providing a 24-hour living city with commercial, retail, residential and leisure facilities. Designed with people in mind to create an all year round walkable environment, the Dubai Pearl will service the Dubai Technology and Media Free Zone and its communities.
Set for completion at the end of 2011, Dubai Pearl's prime location will offer an unparalleled combination of free-hold in the convenience of a freezone with luxury, energy efficient sustainability and state-of-the-art technology.
For further information please visit: www.dubaipearl.com or contact:
Mamoon Sbeih
JiWin Public Relations
Managing Director
Tel: +9714 361 3850 (direct)
+97150 4500 771
Email: mamoon.sbeih@jiwin.ae
© Press Release 2008
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