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Dubai Investments forms JV to develop Saudi projects

Dubai Investments forms JV to develop Saudi projects
Photo Credit: Arabianeye-Reuters
Dubai Investments
DIC
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Dubai-Mubasher: Dubai Investments PJSC (DI) announced Monday that it has signed a joint venture agreement with RED House SAL to manage projects and developments in Saudi Arabia.

The JV will manage and operate mega, mixed-use real estate development projects across the Gulf kingdom.

The launch of the new company comes amid burgeoning growth trends in Saudi’s real estate sector, which is valued at more than SAR 1.3 trillion and is expected to reach SAR 1.5 trillion in the next few years, the company said.

The JV agreement was signed by DI’s managing director, Khalid Bin Kalban, and RED House SAL’s chairman, Mazen Beaini, along with board member Musaed Al-Sarra.

The new joint venture will begin operations with a project in Riyadh while other significant projects are in the pipeline, DI said.

Bin Kalban said the decision to launch a joint venture company in Saudi Arabia is a major step forward in his company’s journey to expand its international operations. He added that Saudi Arabia is a strategic market in DI’s growth plans, and offers unmatched growth potential, especially in the real estate sector.