Dubai Investments PJSC plans AED10 billion ($2.7 billion) of real-estate projects in the next five years as it seeks to benefit from resurgent property demand, Gulf Business reported.
Developments include Mirdiff Hills, an AED2.5 billion project in Dubai that will include 1,500 homes, a 230-room hotel, shops and 200,000 square-feet of office space, Chief Executive Officer Khalid Bin Kalban said in an interview. The company’s Dubai Investment Real Estate Co. unit will start tendering for the development in the next two months, he said.
Local developers are reviving projects amid a surge in prices and new measures such as limiting mortgages and a doubling of transaction fees which have helped stabilize the market.
“We don’t think there will be need to borrow” for Mirdif Hills, Bin Kalban said.“We’ll be able to sell the project easily because of its size, location and components.”