27 March 2007

One of India's leading businesses groups, the Hinduja Group, plans to invest more than Dh1.01 billion in Dubai Waterfront, Nakheel's mixedused waterfront development in Dubai, according to a statement issued by the Hinduja Group yesterday.

"The Hinduja Group has bought a two-million square feet prime plot at Madinat Al Arab [the focal point and downtown area of Dubai Waterfront] to develop resorts and residential towers, ranging between 10 and 50 stories," Khaled Issa Al Huraimel, Dubai Waterfront's General Manager for Madinat Al Arab, told Emirates Today.

"The investment by the Hinduja Group forms a part of the first phase of Madinat Al Arab, and most developments would be sea-facing." Meanwhile, the first phase of the Madinat Al Arab, which according to Huraimel, was "completely sold out in 2005 for Dh13bn", would constitute resorts, residential and commercial properties.

Nakheel will start handing over the land at Madinat Al Arab to developers this year, according to Huraimel.

When asked about the due date for completion of the project, he did not specify any time, but said that investors have up to six years to complete the construction.