Chinese developer says it has signed multiple deals worth $103m with Emaar Properties for The Grand in Dubai Creek Harbour
Fidu Properties, a Chinese real estate group, has announced that it plans to invest $544 million into Dubai’s real estate sector by the end of 2018, as part of its regional expansion strategy.
In a statement, the developer said that it would soon be introducing different real estate projects in Dubai to its list of high-profile investors. It added that it had recently signed multiple real estate deals worth $103 million with Emaar Properties for residential and commercial space – spanning 210,000sqft – in The Grand, a 62-storey skyscraper being built on Creek Island, as part of the Dubai Creek Harbour master development.
“Emaar is among the most preferred real estate developers in Dubai for our customers who are keen to seize the opportunities amidst massive growth potential on offer in the emirate,” said Gary Zhang, CEO of Fidu Properties.
He added that the deals with Emaar were one of the biggest transactions in Dubai this year.
“We are also in talks with Emaar and other developers and are close to finalise more deals in the near future. Dubai is among the leading investment destinations, particularly in the real estate sector which represents the cornerstone for Foreign Direct Investments into Dubai, driven by the concerted efforts of the government and other authorities.”
Zhang said that Fidu’s investor clientele was keen to invest more in Dubai as it offers one of the highest ROIs in the world. Furthermore, he added that the additional incentives offered to investors by the government, including the decrees on visas and insurance, would have a positive impact on the flow of investments into the country.
He pointed out that Dubai’s real estate market was heading rapidly to a balancing point, with Expo 2020 approaching.
“The market right now is full of opportunities and risk, and it is very convenient for the cash buyers,” he explained, while also observing that the Chinese presence in the Dubai real estate market is increasing with time as more Chinese investors and citizens move into the UAE to live and work, while tourism figures from China are also growing.
Fidu Properties opened its regional office in Dubai, UAE in May 2018, following two-years of working remotely in the country. It is one of a growing number of Chinese companies operating in Dubai’s real estate market.
According to a report by Knight Frank, Chinese investors were ranked as the fourth most active in the first half of 2017 for Dubai. Chinese contractors also feature amongst the top five contractors in the UAE, with the consultancy estimating that Chinese construction firms will account for 6% of all contracts between 2018 – 2020 in the Emirates.