Dubai-based developers ?should not worry? about project delays, according to the general manager of EPAD, the developer behind Parisian business district La Defense.
Dubai-based developers “should not worry” about project delays, according to the general manager of EPAD, the developer behind Parisian business district La Defense.
“The design of Le Defense project began 30 years ago; people in Dubai who have concerns about their projects should not worry, they have to give time for these projects to mature,” the Phillipe Chaix told The Big Project at Cityscape Global.
Le Defense is a mixed-use development in west Paris. Planned by architects Norman Foster and Thom Mayne, it currently offers three million m² of office space. In 2005, a nine-year plan was unveiled to further develop the district by 2015; however, liquidity in the European market has affected investment.
Chaix said the developer is looking for Middle East investors who can help complete three towers and two hotels over the next “two-to-three years”.
“We want this major business district to be a hub to attract businesses from all over the world,” he added.
To date, Middle East investment represents 3% of the project. Other foreign investment stands at 39%.
The working budget for the five projects offered at Cityscape currently stands at two billion Euros, but is still under discussion, according to Chaix.
Speaking of the appeal for Middle East investors, Chaix said: “The French government has made great strides over the last few months performing legislative work to bring the banking system into line with Islamic finance. We feel these steps will make for an increase in investors from the Middle East for many years to come.”