Dubai Investments confirms first overseas project - in Angola
DFM-listed company plans to create its DIP mixed-used project in Angola
Dubai: Dubai Investments is having a good week.
The industrial park and resort developer has confirmed its first overseas project, which will be in Africa. It will be in Angola, and conceived in much the same way as its mixed-use development - Dubai Investments Park - in Dubai.
This week, Aldar Properties of Abu Dhabi had confirmed a major investment on logistics real estate in Dubai Investments Park.
As for Dubai Investments, the Angola project will spread over 2,000 hectares and integrate residential, commercial and industrial real estate. It will mirror 'Dubai Investment's expertise in crafting immensely successful mixed-use developments', said a statement.
The project site comprises 3 kilometer of coastline and a 2-kilometer stretch of beach, 'presenting a canvas for versatile master planning'. The cost of the project has not been divulged.
2,000 hectares
"The area's topography allows for seamless integration of industrial, commercial, and residential zones, while preserving the natural beauty," the statement added.
Dubai Investments - trading at Dh2.36 on the DFM this morning - will develop the infrastructure and lease land to developers and investors for the project. The planning also extends to an 18-hole golf course and 'various' housing options.
The project is strategically located in Dande Municipality, Bengo Province, 50 kilometers from the capital Luanda and 33 kilometers west of the provincial capital, Caxito.
Expansion had been in the works
Dubai Investments had plans to take its 'DIP model' to overseas markets for some time now. Saudi Arabia had been a prime candidate and in fact talks had progressed on this front. It was in the recent past that Africa was mentioned as an option - and that's exactly where the company has landed with the new announcement.
In between, the company had made a major real estate development commitment, in a Dh1 billion resort project up in Ras Al Khaimah's Al Marjan Island. There was also a stake buy in a UK digital bank and before that, becoming the single biggest shareholder in National General Insurance, Dubai.
On the Angola venture, "This strategic step reaffirms the Group's unwavering belief in Africa's promising economic terrain, aiming to catalyze sustainable growth and progress across the continent," said Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments. "It underscores Dubai Investments’ steadfast dedication to utilizing its expertise in crafting prosperous mixed-use developments."