UAE - Tiger Group - a well-diversified group with interests in the UAE and other Mena countries - will invest Dh10 billion to develop residential and hospitality projects in the UAE by 2020 and is also building a city of 100 towers in Ajman, its chairman said.
Speaking to media, Waleed Al Zoubi said the group delivered 2,000 apartments in the UAE last year and aims to deliver another 6,000 units by 2020.
He also revealed that the group is looking to build a city in Ajman of 100 towers - between 10 to 45 storeys - spread over 40 million square feet. Located on Mohammed bin Zayed Road, Al Zoubi said work on Hamadiyah City's infrastructure is underway. According to the company's website, the project will have a large shopping centre, medical centre, bank branches and fire station. Around 45 per cent of the total area will be allocated to the development, while 55 per cent of the area is dedicated for green areas, water bodies, roads and pedestrian walkways.
Set to launch it first project - The Square - this year in Jumeirah Village Circle today (Saturday, January 13), he said the group will launch one project every month during 2018.
In addition to 10,000 units already rented out by the group in Sharjah, it currently has 1,000 units in the construction phase in the emirate, Al Zoubi added.
Replying to a question about financing the project, Al Zoubi said they would be mainly self-financed. "90 per cent of the projects are self-financed and 10 per cent through banks."
Zoubi expects the property price and rental markets to remain stable this year in the UAE as the government is committed towards the stability of the market.
A recent survey by YouGov revealed that property remains the preferred investment asset of UAE residents as up to 40 per cent plan to invest in property in the country this year. Speaking to media, Al Zoubi said the group's revenues come from rentals, printing and selling properties.
The group has interests in education, healthcare, trading and other industries. The group is also foraying into education sector and it already owns and operates schools and universities in Syria and Jordan.
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