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Feb 27 2014

MAG Group looking at AED10bn investment into Dubai after Expo 2020 win

Multinational firm MAG Group is planning to invest Dhs15 billion in Dubai in wake of the emirate's Expo 2020 success.
Moafaq Al Gaddah, the chairman, said: "Dubai has always been an attractive investment proposition for local, regional and international investors. Now that the city has won the right to host Expo 2020 it has galvanised investment sentiment and I am sure that we are not the only company feeling the current wave of overwhelming business optimism."

MAG Group already has Dhs5 billion of projects in the pipeline, including a Dhs2 billion multi-phase project in the Meydan district, comprising 106 townhouses and a residential community spread across 29 five-storey apartment buildings. Other projects include a Dhs750 million residential project in Sharjah and the Dhs865 million City of Arabia project.

The firm did not give specifics on how the other Dhs10 billion would be spent, however Al Gaddah said: "We are studying to buy land for additional projects in Dubailand, Jebel Ali and Abu Dhabi, which could be worth up to Dhs10 billion. They will be announced in the coming months."

He added: "There may well be cynics out there who look at Dubai's development and wonder what all the fuss is about. For those of us who have been living and working in Dubai for the past fifteen years, or thirty six in my case, this is nothing short of miraculous."

© 7Days 2014

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