German interest runs high in Dubai Property projects

Dubai-Germany Economic Partnership Forum demonstrates shift in investment pattern

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By  Eudore Chand Published  June 5, 2004

Leading Dubai property and real estate development firms report strong to outstanding interest in their projects from German individuals and corporates. To cash in on the heightened awareness, the three major developers, Nakheel, Emaar Properties and Estithmaar Realty, which is developing Jumeirah Beach Residence, took part in the recent Dubai-Germany Economic Partnership Forum that was held in Munich. Ranging from investors to contractors to media, the German fascination and investment in Nakheel is widespread and on an upward trend, the developer says. “Nakheel sees the German community as a vital asset to the growth, development and international recognition of its projects. We also have a constant flow of German media queries about our projects,” says Sultan bin Sulayem, Nakheel chairman. Emaar Properties reports a similar response. “We are delighted with the outstanding response our developments have received in Germany, a key market for Emaar. The sheer size and magnitude of our projects, impressed the Germans who are keen to invest in luxurious holiday or second homes in this part of the world,” said Mansour Al Othaimin, Emaar executive director. “Our association with Engel & Voelkers has helped in establishing our presence in Germany and central Europe. This exhibition will go a long way in consolidating it further,” he added. Mohamed Binbrek, chief operating officer of Jumeirah Beach Residence said: “The participation of Jumeirah Beach Residence in this event was in line with our commitment to strengthen the position of Dubai and the UAE as investment-conducive destinations and a regional hub for business, tourism, trade and other services.” Participation allowed Jumeirah Beach Residence, which is one of the biggest real estate projects in UAE and the region that offers a unique year-round beach resort lifestyle, to be showcased. Sulayem added that several Germans have bought property on Nakheel’s iconic projects. With the rapid expansion of Nakheel’s portfolio and availability of world-class and innovative real estate, these numbers will surely grow as German buyers become more aware of the investment opportunities within Nakheel and Dubai itself. “It never ceases to amaze me how many different facets of German society are enthralled by what we are doing at Nakheel. This is truly the place where the vision of Dubai gets built. It is evident that German investors, businesses and media are supporting us in upholding this message and we are confident that this interest and enthusiasm from abroad will continue to grow,” said bin Sulayem.

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