Dubai-based Samana Developers will invest 12.5 billion UAE dirhams ($3.4 billion) in new residential projects, particularly waterfront development, across the emirate this year.

“Dubai’s property market presents an exceptional opportunity, and we are well-positioned to capitalise on it,” said CEO Imran Farooq.

Over the year, the developer will award 18 construction contracts and partner with top contractors to ensure the timely execution of its projects.

According to the latest data from the Dubai Land Department, Dubai registered real estate transactions worth AED634 billion ($173 billion) last year. 

“The highly bullish outlook of Dubai’s real market, along with favourable regulations and an established infrastructure, helps us grow and offer world-class yet affordable properties,” he added.

In January, Samana Developers said it was targeting sales of AED8.8 billion ($2.4 billion) in 2024 after recording a 600 percent surge in sales last year.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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