dubai investments real estate acquires prime dubai properties from anc holdings llc
Dubai Investments Real Estate LLC (DIRC), the real estate arm of Dubai Investments PJSC (DI), has acquired prime properties in Bur Dubai, the heart of old Dubai, through its subsidiary Al Mujama Real Estate LLC by way of a recent deal with ANC Holdings LLC.
According to the agreement, which was signed by Khalid Kalban, Managing Director & CEO of Dubai Investments and Tayeb Baker, Chairman of ANC Holdings LLC, Al Mujama Real Estate has acquired 3 furnished apartment buildings with over 117 hotel apartments and a plot of land on which a Four Star Business Hotel is under construction.
“As a rapidly growing real estate company, Dubai Investments Real Estate LLC has endeavored to continuously set and meet challenging new standards”, said Khalid Kalban. “Dubai has emerged as one of the most popular tourist destinations in the world. This has resulted in an ever-increasing demand for hotel accommodation throughout the Emirate. Our acquisition of these new properties marks an important addition to DIRC’s portfolio and DIRC’s first venture into the hospitality sector. We are confident that this venture will be a great success. “
Obaid Al Salami, General Manager of Dubai Investments Real Estate and Al Mujama Real Estate said: ”The three existing apartment buildings, which have been operational as hotel apartments under the name ‘Al Faris Hotel Apartments’, are located in Bur Dubai and consist of studio, one-bedroom and two-bedroom apartments that are available for rent on an annual, monthly or daily basis. These buildings also have certain ground floor spaces allocated towards and available for retail rent”.
He added: “The Four Star Business Hotel which is under construction will be located on a plot opposite the prominent Burjuman Mall in Bur Dubai. Once completed, it will house 153 elite Business Suites. The construction of this building has been awarded to ANC Contracting Company LLC”.
Bur Dubai, considered the heart of old Dubai is home to major shopping malls, teeming textile markets, international banks, restaurants, office buildings, electronics & computer markets and is a stone’s throw away from the World Trade Center.
