CSCECME announces $1bn investment into SKAI’s Viceroy project
Chinese giant is the main contractor for the resort complex, and has formed a special purpose joint venture with SKAI Holdings
CSCECME and SKAI Holdings have formed a special purpose joint venture called ASSAS.
RELATED ARTICLES: China’s SkyCity preview | Giant sink-hole swallows building in China | China plays catch up with the West
China State Construction Engineering Corporation Middle East (CSCECME) has announced a $1bn investment in SKAI Holding’s Viceroy Dubai Palm Jumeirah project, which is the firm’s first Middle Eastern investment in its 61 year history.
CSCECME is the main contractor for the Viceroy resort project, and has formed a special purpose joint venture, ASSAS, with the Dubai based real estate firm, SKAI Holdings.
“We are thrilled to be partnering with SKAI Holdings to develop this exciting new project, which we believe will become one of the region’s most sought-after resorts,” said Yu Tao, President and CEO of CSCECME. “This is CSCEC’s first investment in a development project in the Middle East and marks a significant milestone in our growth in the region.”
“China has witnessed a surge in the number of individuals turning to alternative investments overseas as they look to preserve their wealth in light of its fast-changing economy. Dubai’s strategic location between Asia, Europe and Africa together with its burgeoning real estate sector is set to become a vital area of growth for Chinese investment,” he added.
Parent company China State Construction Engineering Corporation has been ranked as the world’s largest construction firm, according to International Construction, and ranked number three by other organisations.
