Inicias eyes Gulf real estate projects
Gulf Investments Group, which is specializing in investments consulting in the region announced it had entered into strategic alliance with the Spanish based company "Inicias". The Spanish firm is a multinational company of consulting engineering and management of construction planning projects. Its main offices are located in Valencia, reported Al-Bayan newspaper on April 10, 2005.
The head of Inicias' board of directors said that this strategic alliance gives his company an opportunity to take a portion of the Gulf's growing real estate market, especially in Dubai, mentioning that recent estimations forecast that the real estate sector in the UAE itself is expected to surpass $63 billion during the next seven years.
The first fruit of this strategic alliance was a contract signed between the two partners and local businessman, Suleiman al-Fahim, for developing and designing his new real estate housing and commercial project, which is spread over a 120,000 square feet in Dubai. The contract signed is valued by Dh27 million ($7.3 million), and it is part of a project of construction of 3 housing and office towers with total investments of Dh 480 million ($130.6 million).
Inicias, which specializing in the areas of engineering, architecture, town planning and land use, has a representative office in Dubai since last year. Following this strategic alliance the company reinforced the stuff in its Dubai office by more engineers, architects and consultants.