By: Ramy Sameeh

Abu Dhabi – Mubasher: Buroj Property Development plans to invest AED 15 billion in a new real estate project in Europe, said the company’s sales and marketing official Ibrahim Ahmed.

Construction operations for the project in Bosnia and Herzegovina are set to begin in June, Ahmed told Mubasher on Wednesday, on the sidelines of the CityScape Abu Dhabi Exhibition, adding that the first and second phases of the project will be completed in 2018.

The whole project is set for completion in 2022, the official added.

Buroj is currently focusing all its efforts on this project, he noted, adding that it is unlikely that the company will seize any other investment opportunities in other countries at the present time.

Asked about the reasons behind investing in Europe, Ahmed said that Bosnia and Herzegovina enjoy a variety of natural resources, diverse traditional industries and an attractive legal atmosphere that is suitable for foreign investment, in addition to low taxes.

Prices are competitive and there is a high level of labour there, Ahmed told Mubasher, noting that the local currency is more stable compared to the euro. Moreover, the bilateral and regional free-trade agreements are a good stimulant for Buroj, he noted.

Dubai-based Buroj Property Development is set to launch its Buroj Ozone project in Europe, which is expected to be a complete touristic city including residential, hotel and commercial units with shopping and entertainment outlets.

Translated by: Nada Adel Sobhi