Tiger Group investing AED 500m in new projects

Tiger Group investing AED 500m in new projects
Chairman of Tiger Group Walid Al Zoubi

By: Amr Adel

Dubai - Mubasher: The chairman of Tiger Group said that the real estate arm of his company, Tiger Properties is planning to develop 18 real estate projects in Dubai and Sharjah, from 2018 to 2020.

With 13 projects in Dubai and 5 in Sharjah, the new developments have an estimated cost of AED 10 billion, as announced by the company’s chairman, Walid Al Zoubi in a press conference.

The Square project in Dubai, has investments totalling AED 500 million, and it will be the first one to be launched this year.

A number of projects are currently under construction or licensing, in Sharjah and Ajman, which will be carried out in the upcoming years until the end of 2020, with an average 400 unites per projects, and a total of 6,000 units.

Tiger will construct its biggest project in the UAE in Al Hamidiyah, Ajman, where it will build a residential complex with 100 towers, Al Zoubi revealed.

When asked about regional expansion, the chairman noted that the group has participated in a number of projects in the educational and industrial sectors in Saudi Arabia, as well as in Syria, where it owns Yarmouk Private University since 2005.

The company also owns a number of schools in Egypt, Jordan, and Syria, he indicated, noting that Tiger is seeks licenses for new schools in UAE and Jordan.

Al Zoubi also stressed that there are currently no plans to list part of the company’s shares in the stock market.

Source: Mubasher Exclusive