Emaar Properties has reported details of a 100 million Emirati dirham ($27.2 million) investment by Al-Ahlia Investment Company in the Dubai Marina waterfront development.
Al-Ahlia has purchased land in District Nine of the Dubai Marina development and will build a residential tower. Construction will commence in the second quarter of 2004 and estimated completion is June 2006.
Al-Ahlia Investment Company was established in 1974 and is listed on the Kuwait Stock Exchange. The company's principal business activities include direct investments, asset management services, project financing, investment banking and advisory services.
Dubai Marina is Emaar's ‘city within a city’, located in Dubai's new growth corridor. The Marina is in close proximity to golf courses, luxury beaches, five star hotels and Dubai Internet City. The development comprises residential towers, villas and retail outlets created around a 3.5-kilometer water channel. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
