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DIFC invests Dh3b in Dubai Pearl

Wednesday, 08 October 2008

^{SOURCE: GULFNEWS © Al Nisr Publishing LLC 2007. All rights reserved.}
Dubai DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), announced on Tuesday that it has invested more than Dh3 billion in the Dubai Pearl project.

The investment was made through DIFC Investments' real estate fund, which was launched recently to tap into the booming property sector in Dubai and the UAE.

The multi-billion dirham fund (about Dh12 billion according to sources) seeks to create a portfolio of quality real estate acquisitions that will yield positive return on equity as the property sector continues to grow.

Dubai Pearl is a Dh15 billion mixed-use luxury project located adjacent to Tecom Investments' knowledge clusters. It is being developed by Pearl Dubai, a consortium of investors led by Al Fahim Group.

The deal takes total sales at the luxury Dubai Pearl development to more than Dh10 billion.

SOURCE: GULFNEWS © Al Nisr Publishing LLC 2007. All rights reserved.