Dubai Fund for Financial Support, today announced it reached a strategic deal with the Dubai Real Estate Corporation (DREC) to develop the plots of the fund in line with keenness of both parties to support the economic growth of the Emirate ahead of the Expo 2020.
As per the agreement, the first project will be set up along Sheikh Zayed Road. It includes the construction of a modern mall centre and residential complexes. While the DREC will develop a number of hotel projects, residential units and hotel apartments.
The long term strategic partnership between the two parties involve other agreements to develop plots of the fund.
Abdul Rahman Al Saleh, Chairman of the Dubai Fund for Financial Support said in a statement that the cooperation deal between the fund and DREC aims to support the vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum to make Dubai the world’s first destination in many sectors, among others, the real estates, hospitality and tourism to make Dubai city well-prepared to host Expo 2020.
For his part, Hisham Abdullah Al Qasim, CEO of DREC said the corporation is looking forward to reinforcing its relations with effective actors in different economic sectors to strike strategic partnerships that contribute to supporting the Dubai economic growth.
He added that through this partnership giant projects will be added to Dubai’s urban landmarks in the first phase, noting that the announcement of partnership is timely to keep pace with the rapid developments in the market ahead of Expo 2020.
Source : WAM News Agency for United Arab Emirates