Shuaa to manage development of $408m Dubai tower
Details of the project to be revealed at Cityscape Global 2017
Shuaa Capital, the UAE-based financial services firm, has announced that its real estate asset management division will be managing the development of a new mixed-use skyscraper on Sheikh Zayed Road, in Dubai.
While the details of the project will be unveiled at Cityscape Global 2017, the company said that the $408.3 million tower will serve the “ever-growing demand in the UAE’s residential, tourism and hospitality sectors.”
“Shuaa’s real estate business line has proven expertise and a strong track record in developing projects, managing funds, and forming business alliances, both in the UAE and Saudi markets,” said Fawad Tariq-Khan, general manager of Shuaa Capital.
“We intend to utilise this strength to the fullest as we continue to roll-out our expansion plans. This project is set to complement Sheikh Zayed Road’s picturesque skyline, and we look forward to the official unveiling at Cityscape.”
Shuaa’s real estate specialised asset management division currently manages assets in excess of $816.7 million spread across both the UAE and Saudi markets.
In August 2017, Shuaa Capital revealed that it plans to sell non-core assets in the second half of this year as the biggest share-holder in the Dubai-based bank implements a comprehensive turnaround plan.
The company is looking to raise more than $27.22 million by selling investments in a private equity fund and water infrastructure services company, Khan said at the time. Shuaa also aims to expand its capital market business and cut costs after Abu Dhabi Financial Group bought a 48.36% in November 2016.
“We are exiting a part of Shuaa’s proprietary investments, a lot of which is a legacy from even before the financial crisis,” Khan said at the time. Money raised from the sales will be reinvested into the business and it also wants to increase investments in real-estate projects in the United Arab Emirates, he was quoted as saying in The National.
