09 August 2007
Al Burj Real Estate Limited, a Dubai-based real estate developer and solutions provider, announced the handover of the first set of plots at Madinat Al Arab, Dubai Waterfront, this month.
In 2005, the company purchased 70 per cent of the plots in Phase I of Madinat Al Arab worth AED7 billion, making it the biggest investor in the development. The waterfront plots will be developed into districts comprising 10 to 50-storey buildings for commercial, resort and residential use.
Nakheel is developing Madinat Al Arab's infrastructure and work would continue along with construction by other developers.
Naushad Noor Ali Rashid, CEO, Al Burj Real Estate, said the project continued to generate tremendous demand from investors and developers alike as it was competitively priced and the last of its kind on the last stretch of natural beachfront property available in Dubai.
Al Burj Real Estate's Vice-Chairman Abdul Rahim Al Zarooni said the handover marked a significant development in the company's second year of operations. "Our strategic investments in Madinat Al Arab are in line with the strong demand in the real estate sector, particularly for limited waterfront developments."
Al Burj Real Estate Limited, a Dubai-based real estate developer and solutions provider, announced the handover of the first set of plots at Madinat Al Arab, Dubai Waterfront, this month.
In 2005, the company purchased 70 per cent of the plots in Phase I of Madinat Al Arab worth AED7 billion, making it the biggest investor in the development. The waterfront plots will be developed into districts comprising 10 to 50-storey buildings for commercial, resort and residential use.
Nakheel is developing Madinat Al Arab's infrastructure and work would continue along with construction by other developers.
Naushad Noor Ali Rashid, CEO, Al Burj Real Estate, said the project continued to generate tremendous demand from investors and developers alike as it was competitively priced and the last of its kind on the last stretch of natural beachfront property available in Dubai.
Al Burj Real Estate's Vice-Chairman Abdul Rahim Al Zarooni said the handover marked a significant development in the company's second year of operations. "Our strategic investments in Madinat Al Arab are in line with the strong demand in the real estate sector, particularly for limited waterfront developments."
© Bahrain Tribune 2007
