Dubai investments in Saudi property joint venture

Dubai Investments, a diversified company, has formed a joint venture with the Saudi-Lebanese firm Red House to manage and develop a property project in Saudi Arabia.

This will be the company’s first foray outside the UAE.

The developer of the Dubai Investments Park will have a 50 per cent stake in a joint venture to develop the Riyadh Investment Park mixed-use project in the Saudi capital.

The chief executive of DI, Khalid bin Kalban, said that the decision to launch a joint venture company in Saudi Arabia is a major step forward in their journey to expand their international operations.

Stating that Saudi Arabia is a strategic market in the company’s growth plans, and offers unmatched growth potential – especially in the real estate sector.

The park, which will include warehouses, commercial showrooms, offices and other facilities, will stretch over 11 million square metres and be developed over two phases. DI did not say when the project would start or give a cost.

But Mr Kalban this month said that it would start this year.

DI is also planning to venture into Uganda to set up an investment park in Luanda, the chief executive said.

The firm plans to float at least one unit next year and has prepped up three subsidiaries for an initial public offering, he said. DI shares closed down 0.44 per cent at Dh2.27 in Dubai.

Source – TheNational