Mr. Hisham Al Rayes, Dr. Ahmed AlMutawa, Mr. Mohammed Al Habbai
Gulf Finance House (GFH), the Bahrain based Islamic investment bank, today announced that it has signed a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its DUBAILAND district.
The land sale agreement, which involves the purchase of a total area of approximately 1,200,000 square feet, was concluded in the presence of GFH Chairman, Dr. Ahmed Al-Mutawa, Chief Officer Urban Planning and Infrastructure at Dubai Properties Group (DPG), Mr. Mohammed Al-Habbai, and GFH CEO, Mr. Hisham Al Rayes.
The project aims to establish a high standard of residential, commercial and retail space and facilities within DUBAILAND, which welcomed over 13 million visitors in 2013 and is already home to over 100,000 residents. The new development includes both separate and adjacent villas and housing groups on some 830,000 square feet in addition to integrated-services residential apartments on another 75,000 square feet.
The initial development process is expected to launch later this year in 2014 with the project to be completed within the next five years.
Commenting on the occasion, Dr. Al-Mutawa said, "We are delighted to announce our newest project in DUBAILAND, which is already home to a wide range of entertainment, sporting, shopping, leisure and residential projects."
Mr. Al-Rayes added, "Core to the GFH business is continuing to expand our investments in the UAE market, where we see considerable opportunity both in real estate as well as other sectors. This is another important step forward in the execution of our strategy and efforts to effectively leverage positive dynamics in the Dubai market and the growing DUBAILAND district. We look forward to building on this initiative, which we are confident will create significant value for the Bank and our stakeholders."
The project development site is located near the Dubai International Airport and in close proximity to a unique collection of sports, entertainment and luxury commercial and residential facilities. This strategic location will effectively position the project to become a prime visitor attraction and to further enhance Dubai's appeal as an international hub for family tourism.