Nov 29 2005 |
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Capital Trust Middle East to Establish Two Towers at $141 Million in Dubai
Beirut (APD) - Lebanon-based Capital Trust Middle East (CTME), a subsidiary of Saudi-based Capital Trust Group, is embarking on a new $141 million real estate project in Dubai's Business Bay.The company established a new offshore company in Dubai's Jebel Ali Free Zone to manage the new project, said Abdulkarim Chamseddine, senior manager of CTME. The new company goes by the name of Capital Trust Gulf Limited.
Chameseddine told APD that Capital Trust is preparing the launch of a promotional campaign for its project for mid February. Construction works are set to begin in September 2006 and be completed by the end of 2008.
Capital Trust's representative office in Beirut was established in 1998 and incorporated in 2004 as Capital Trust Middle East. The company is involved in corporate finance, private equity, real estate and financial advisory and currently claims to have over $400 million in assets under management in the MENA region.
In developing local real estate projects in Beirut, CTME has already undertaken the $20 million Avenue Plaza residential building in the downtown. On the city's waterfront, CTME is currently establishing the $40 million Capital Plaza project which is scheduled for completion by December 2007. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2005
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