China's Fidu set to pump $544m into Dubai property
Fidu Properties, one of the leading Chinese companies in the UAE property market, has announced plans to pump nearly Dh2 billion ($544 million) into Dubai's real estate sector by the end of this year.
As part of its regional expansion strategy, Fidu will soon be introducing different real estate projects in Dubai to its high-profile list of investors.
The Chinese developer had recently signed multiple real estate deals worth Dh380 million ($103 million) with top UAE developer Emaar Properties for residential and commercial space spanning 210,000 sq ft in The Grand at Dubai Creek Harbour, the iconic tower being built at the world-class waterfront destination in the emirate.
Rising majestically from Creek Island, the 62-storeyed Grand at Dubai Creek Tower skyscraper will set a new standard for ultramodern living in the region.
CEO Gary Zhang said Fidu Properties was delighted at the deals with Emaar - one of the biggest transactions in Dubai this year - which has carved a niche worldwide for the quality and appeal of its projects.
"Emaar is among the most preferred real estate developers in Dubai for our customers who are keen to seize the opportunities amidst massive growth potential on offer in the emirate," he noted.
“We are also in talks with Emaar and other developers and are close to finalize more deals in the near future. Dubai is among the leading investment destinations, particularly in the real estate sector which represents the cornerstone for Foreign Direct Investments into Dubai, driven by the concerted efforts of the government and other authorities,” he added.
Zhang pointed out that its investor clientele was thrilled with the deals, and willing to invest more in Dubai as it offers one of the highest ROI in the world.
“The additional incentives offered to investors by the government, including the decrees on visas and insurance will definitely boost the flow of investments into the country,” he stated.
Zhang said Dubai's real estate market was fast heading towards a balancing point, as it approached Expo 2020. "The market right now is full of opportunities and risk, and it is very convenient for the cash buyers," he stated.
The Chinese presence in the Dubai real estate market is increasing with time as more Chinese investors and citizens move into the UAE for living and working as well as tourism, observed the top official.
With Expo 2020 closing in, the presence of Chinese will be very significant in the time to come. At Expo 2020, China will showcase its ‘Belt & Road’ initiative as well as its latest technologies.
China and the UAE already collaborate comprehensively in several sectors including economic, cultural and educational. Hence, it comes as no surprise that trade between China and UAE touched $41 billion in 2017.
With the new deals through Fidu Properties, and the lucrative investment opportunities and return on investment on offer in the real estate sector in Dubai, the future augurs well for the investor community driven by the market expertise of Fidu Properties, he added.
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