Dubai Pearl to be revived on Palm Jumeirah

A Canadian company will spend USD 6 billion on delayed real estate projects completion in Dubai.

A big investment company Canada Business Holdings (CBH) is planning to raise its investment ceiling to about USD 6 billion in the near future in order to complete a number of distressed real estate projects in Dubai, including a large-scale project Dubai Pearl on the Palm Jumeirah.

By the end of the year CBH, which has a pipeline of more than $ 17 billion worth of projects, plans to open a regional office in the emirate, so that to revive, to complete and manage real estate projects here for at least next thirty years.

“CBH intends to deploy such funds in acquiring distressed assets and complete their construction. The company plans to invest, develop, own, manage and overrate the assets for the next thirty years,” the company said in a statement.

One of the first mixed projects planned for revival is Dubai Pearl on the man-made Palm Jumeirah island, launched in 2003, but later delayed due the financial crisis. Under the new plan, the built-up area at Dubai Pearl will be approximately 20 million square feet. It was originally planned to be the largest single building in the world.

Now, this project will become a kind of "integrated city", which can accommodate up to 9,000 residents and 12,000 employees. The structure of the complex will be formed by a group of four towers connected via podium on top with a rooftop infinity pool.

“Dubai is a focal market for our company’s investments. We remain confident that Dubai continues to deliver its promises and remains a profitable market even in times of uncertainty,” said Moses Solemon, chairman and CEO of CBH.

“Our goal is to provide protected and more secure investments with higher returns for our shareholders and partners,” he added.

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