Press Releases Detail

City Properties invests AED 300 million in Mizin's Arjan

ineer Yousif Nasser, Managing Director of Projects for City Properties and Sami Al Hashmi, Chief Executive Officer of Mizin.

Abdulla Mohammed Al Shaibani, Chairman of City Properties, signed the purchase agreement with Sami Al Hashmi, Chief Executive Officer of Mizin, a member of Tatweer. Commenting on the purchase agreement, Sami Al Hashmi, said: "City Properties shares our passion to create high quality real estate developments based on international standards. As one of the leading establishments in the region, specializing in property investment and management, I am sure it will contribute to the unique community experience at Arjan."

Arjan was launched during the highly successful Cityscape exhibition in December 2006. As a result of huge investor response, it is forecast that Arjan will net investments worth AED 20 billion over the next three years.

Al Shaibani said Arjan's unique advantages, including its location and Mizin's policy of providing high quality, ready-to-develop land, were deciding factors in City Properties' decision to invest in the development.City Properties will develop unique mixed-use projects within Arjan that will add to the skyline of the development.

"We have vast experience in the real estate sector that mirrors the exponential growth of mega developments in this region. Our services adapt to market changes and demands. This expertise will be used to create landmark projects at Arjan," he added.

Commenting on the design aspect of the structures at Arjan, Engineer Yousif Nasser, Managing Director of Projects for City Properties said: "We have leveraged our relationship with some of the best designers and contractors to conceptualize new design ideas in buildings. Our properties will not only set the standard for design innovation in the Middle East, but also the entire world. We have gone to great lengths to incorporate all nuances of modern urban living within our properties, from the smallest design element to the landscaping and state-of-the-art amenities."

On discussing their choice of Mizin as an investment partner, Yousif said: "Tatweer has a great track record in property development and investment plans, and has a reputation for putting investors' interest first. Mizin has been very helpful as an investment partner in our plans to construct such world class properties, and we hope to make this relationship stronger."

The 20 million sq. ft development is strategically located in South Barsha alongside Emirates Road opposite Dubai Autodrome, and will comprise commercial, residential, retail and hospitality developments in 10 demarcated zones.

Post a comment