Dubai: A new real estate development company has been formed through an alliance between Sharaf Investment Group and Al Ali Real Estate. The new entity will be known as Dubai General Properties and will have Yousuf H. Sharaf assume the role of managing director.
“The sector is growing rapidly due to the resumption of stalled projects and the start of new projects in Dubai” said Sharaf.
The entity will now take up a mixed-use project in Dubai Maritime City, with construction expected to be completed in three years. It is spread over 1.4 million square feet. “Dubai is on the verge of an important stage that will contribute to the real estate investment map in the emirate,” said Sharaf.
Apart from Dubai, the promoters consider India and Egypt to be investment destinations for its projects. “The new company is looking at a number of markets by setting strategies with international companies which concentrate on the Indian market,” said Sharaf. “The new company is aware of the Indian property market’s potential. The Indian market is massively strong and can absorb more investment.”