UAE's DAMAC seals AED 10bn real estate deal
A Memorandum of Understanding (MoU) was signed recently between DAMAC Properties of the UAE and China’s Tanggu District Government to develop a mixed-use real estate development in Tianjin City’s Trumpet Bay region.
Under the terms of the MoU, DAMAC will develop the 5 million square feet mix-use project, according to Strategiy. The mega-project, totaling AED 10 Billion, will include several residential towers, retail centers, offices, and an exclusive five star hotel. The development will also encompass a marina with a capacity of 100 boats, as well as promenades and landscaped areas.
The landmark MoU was signed by Mr. Zhang Jiaxing, Governor of Tanggu District, Tianjin City, and Mr. Peter Riddoch, Chief Executive Officer at DAMAC Properties.
“We were honored to receive his Excellency the Executive Mayor with whom we signed a memorandum of understanding to develop a breathtaking real estate project in his great city,” said Hussain Sajwani, DAMAC Holding Chairman, referring to Mr. Hung Xing Guo, who led the Government delegation visiting DAMAC Properties in Dubai for talks on the planned project.
“Today, China is regarded as an economic giant. The country has potential for substantial real estate and economic growth and we plan to introduce a number of projects within the country, going forward”, he added.