The Mag City project is expected to be completed between 2022 and 2024
MAG Development, the real estate arm of the MAG Holding Group, has confirmed that all of its current and future projects and plans, will be in line with the UAE’s year of getting ready for the next 50 years plan in 2020.
MAG Development is adopting a long-term strategy based on innovation and creativity to set new standards of development and modernization in the UAE real estate sector as one of the pillars of the country's economic diversification strategy. That will put in practice by providing exceptional ideas, quality projects and innovative and unprecedented methods of payment in the market.
The Mag City project, located in the city of Mohammed bin Rashid in the Maidan District 7, the cornerstone of which was recently laid, is one of the most important of these current projects that are in line with the vision of the wise leadership of the new UAE 50 years plan . The project, with investments of about Dh2 billion, is expected to be completed between 2022 and 2024.
In November, the company launched its innovative program "Naam Dubai", with a package of facilities and easy payment choices that allow customers to own homes that suit their needs and their ability to meet obligations.
Naam Dubai program included attractive payment plans up to 24 years, fully compatible with the requirements of the market. The various aspects of the program were well-studied to ensure social and financial sustainability, and put them up with effective service fees and rewarding returns.
Talal Moafak Al-Gaddah, senior executive vice president of MAG Development said: “Getting ready for the next 50 years represents a major platform from which the United Arab Emirates aims to enhance its competitiveness in all economic sectors, to commence a new era the goal of which is leadership and exclusivity regionally and internationally. “MAG development” is committed, as part of its long-term strategy ,to keep pace with the rapid and continuous development movement within the UAE.”
Al-Gaddah added that the new 50 years plan is the largest catalyst for all UAE economic sectors and is one of the most important reasons why (Mag Development) is successful ,due to the country's openness to the highest international standards with the construction and urbanization movement .That strengthened the company's ability to grow and succeed. The UAE is our state , our community and our school in the fields of economy and global relations. The visions of late Sheikh Zayed bin Sultan Al Nahyan, and Sheikh Rashid bin Saeed, may Allah bless them, are the basis of our success.
Al-Gaddah noted that MAG Group, the parent company of MAG Development, is considered one of the UAE oldest companies that has its roots in the history of the country. It started its activities in the seventies of the last century by participating actively in the formation of UAE honourable present and eagerly looks forward to participating strongly in a brighter future.
He pointed out that the new "Mag City" project is a new addition to the real estate market in the region that may enhance the competitiveness of the Emirate of Dubai .The project aims at opening new markets by attracting new categories of buyers and expanding the targeted group of investors. It embraces a model city with integrated services and facilities designed to provide a sustainable social environment for the residents .It reduces the need to move to secure living requirements.
”The project was designed according to latest standards that ensure the best use of the spaces and reduce the cost of service fees and operational costs, which enhances the investment returns for our customers,” he said.