05 August 2007
Arab Real Estate Company (Arab RE) said yesterday it made an advance payment of Dh67 million to acquire land worth Dh1.34 billion from The Lagoons, a subsidiary of Sama Dubai.
Arab RE said in a statement on the Kuwait bourse website it will set up a new firm to develop the 928,865 square feet of land into a $1.2bn (Dh4.4bn) project called The Arabian Gardens. Arab RE will own 20 per cent of the new firm, it said.
Arab Real Estate Company (Arab RE) said yesterday it made an advance payment of Dh67 million to acquire land worth Dh1.34 billion from The Lagoons, a subsidiary of Sama Dubai.
Arab RE said in a statement on the Kuwait bourse website it will set up a new firm to develop the 928,865 square feet of land into a $1.2bn (Dh4.4bn) project called The Arabian Gardens. Arab RE will own 20 per cent of the new firm, it said.
© Emirates Today 2007
