Sharaf Investment, Al Ali Real Estate form new company in Dubai
Upcoming real estate company to look at overseas investment
- New real estate development company to be launched in Dubai.
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Sharaf Investment Group and Al Ali Real Estate have formed an alliance to create a new real estate development company called Dubai General Properties, it was reported.
The new company will develop a mixed-use project, spread over 1.4 million sq. feet in Dubai Maritime City. Construction on the development is expected to be complete by 2017, Gulf News reported.
Yousuf Sharaf will assume the role of managing director in the firm, it was reported.
“Dubai is on the verge of an important stage that will contribute to the real estate investment map in the emirate. The sector is growing rapidly due to the resumption of stalled projects and the start of new projects,” said Sharaf, quoted in Gulf News.
Dubai General Properties will also look at investing overseas, it was reported.
“The new company is looking at a number of markets by setting strategies with international companies which concentrate on the Indian market…The Indian market is massively strong and can absorb more investment,” Sharaf added.
