Saudi-based property major Development Corner makes Dubai entry with projects worth AED 650 million
In a bid to tap the booming real estate market in the city, Development Corner, a leading Saudi Arabia-based property investment group, has announced its foray into Dubai with a spate of residential and commercial projects worth a total of AED 650 million. The company will invest AED 150 million in the Dubai market in the first phase of investment.
Development Corner also announced that it will launch its first project in Dubai in near future, which will be followed by a major investment in a land development in Ras Al Khaimah, to further consolidate its footing in the UAE. The details of these projects would be revealed over the coming months.
“Being the fastest growing property market in the world, Dubai is at present the most ideal property investment destination,” said Eng. Abdulrahman Alrukban, CEO of Development Corner. “The government in Dubai has been proactive in ensuring that investors are provided a facilitating environment, and forward-looking measures such as the recent announcement of a comprehensive property law have only served to accelerate the growth of this sector. Moreover, Dubai’s amazing economic growth has markedly raised the purchasing power of its residents, further driving the real estate boom.”
“Development Corner’s decision to commit AED 650 million over the next few years to projects in Dubai, underlines our confidence in the future of the city’s real estate market. Our projects will all feature state-of-the-art facilities, and will differentiate themselves through their unique design and sheer quality of construction,” Alrukban added.
Development Corner was founded by a group of engineers, business consultants and property experts, in Riyadh, Saudi Arabia, who had a common vision to develop quality real estate projects across the region. The four founding members include Eng. Abdulrahman Alrukban, CEO; Eng Walid Alrayes, Executive Director; Eng Abdulhameed Aljarbou, Projects Manager; and Eng Khalid Alluhaidan, Investment Manager, all of whom share a goal of capitalising on the property boom in various markets in the Middle East by launching premium projects that appeal to a vast audience.
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