Dubai -- Dubai-based realty major, Sheffield Real Estate, developers of flagship Marina 101, announced yesterday that they are eyeing Eastern Europe for investments in the residential sector.
A top official of Sheffield Real Estate said it is now in the process of assessing the potential of various markets including Romania and Bulgaria.
"The expansion into new markets comes in the wake of the growing globalization of real estate as an asset class to maximize returns at a time of increasing reputation of Dubai, and the Gulf countries in general, as leading players in global realty markets," Abuali Malik Shroff, managing director, Sheffield Real Estate, said.
He said Sheffield, which has over a $1 billion proposed investments in the pipeline in the freehold real estate sector of Dubai, is looking at developing projects worth approximately over $100 million in Eastern Europe.
In related developments, India-based Sobha Group, with global presence across the GCC, Middle East, Germany, China and South Africa launched its first residential project in Dubai, the luxurious Sobha Daffodil at Jumeirah Village.
Sobha Daffodil at Jumeirah Village is a residential development comprising of a four-storey front block and 10-storey rear block, housing 178 apartments.
"We are proud to announce the launch of our first residential project here in Dubai. Sobha Daffodil at Jumeirah Village promises to be another landmark addition to the Sobha portfolio, providing a high quality lifestyle at the heart of New Dubai," Ajay Rajendran, vice chairman, Sobha Real Estate LLC, said.
The $2 billion Sobha Group has already tasted success in Dubai. The company has two commercial projects under development within the high-status Business Bay district.
Moreover, the Meinhardt Group, one of the world's leading engineering consultancies, has yesterday unveiled plans for major expansion throughout the Middle East & North Africa region.
The Australia-based group, which employs 3,000 professionals in 27 offices globally, first ventured into the Middle East in 1997. In addition to their existing offices in Dubai, Abu Dhabi and Qatar, Meinhardt will be investing $20 million in five new office locations in Saudi Arabia, Oman, Libya, Bahrain and Egypt, swelling their number of employees to 4,500 by 2010.
Meinhardt has been commissioned to provide project management and or lead consultancy and multidisciplinary design services for numerous international landmark projects, such as Marina Bay Financial Center in Singapore, Rialto Towers in Melbourne, Australia, and One International Finance Center in Hong Kong, among others.
Projects in the Middle East include Signature Towers and Dubai Financial Market for Dubai Properties, The Dubai Mall -- the world's largest mall -- for Emaar Properties and Pearl Qatar for UDC Development.
The three-day Cityscape exhibition concluded yesterday. Sheikh Mohammed ibn Rashid Al- Maktoum, vice president and prime minister of the UAE and ruler of Dubai, paid a surprise visit to Cityscape. Other VIP visitors to Cityscape included star architect Zaha Hadid, movie star Patrick Swayze and billionaire American realtor Thomas J. Barrack Jr., whose vision of the future has been praised by Donald Trump as "amazing".
Meanwhile, The Ras Al-Khaimah Investment Authority (RAKIA) is organizing a convention for Belgian business delegates tomorrow at the Al-Hamra Fort Hotel in Ras Al-Khaimah.
Dr. Khater Massaad, chief executive officer, RAKIA, said that an increasing number of Belgian businessmen have expressed interest in recent months to explore business opportunities in Ras Al- Khaimah and benefit from the emirate's business-friendly policies and strategic location."
The conference, aimed at boosting Belgian investment in Ras Al-Khaimah, will be attended by several high profile dignitaries including former Belgian prime minister Jean-Luc Dehaene and the Belgian Ambassador to the UAE, Philippe Dartois. The visiting delegation will also meet with Sheikh Saud bin Saqr Al-Qasimi, crown prince and deputy ruler of Ras Al-Khaimah.
K.T. Abdurabb
© Arab News 2007
