Construction

MAG Group to invest $4.08bn in Dubai

Residential projects, art centres expected across Dubai, UAE

The Expo 2020 win has motivated MAG Group to invest in Dubai

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A $544.5 million development in Meydan district is expected to be built soon by the MAG Group. The project will be a part of the company’s planned investments worth $4.08 billion across Dubai and the UAE.

The Meydan project will include 106 townhouses and a residential community comprising of 29 five-storey apartment buildings. A residential project in Sharjah worth $204.1 million is also expected to be built. A $190.5 million-worth art centre in Barsha and a residential project, ‘City of Arabia’ will also be constructed at a cost of $235.5 million.

“Now that the city has won the right to host Expo 2020, it has galvanised investment sentiment,” said Moafaq Al Gaddah, chairman of MAG Group.”I am sure that we are not the only company feeling the current wave of overwhelming business optimism.”

As per a report by Gulf News, Al Gaddah added that the company is considering land purchases for projects worth up to $2.7 billion in Dubailand, Jebel Ali and Abu Dhabi.

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