Cityscape Intelligence • DIFC Investments invested $817m in Dubai Pearl

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DIFC Investments invested $817m in Dubai Pearl

08 Oct 2008

Dubai International Financial Centre (DIFC) Investments has poured more than 3 billion AED ($800 million) into the construction of the Dubai Pearl.

According to the firm, the money was invested through DIFC Investments' real estate fund which was launched to tap into property opportunities in the United Arab Emirates (UAE).

Dr Omar bin Suleiman, the governor of DIFC and chairman of DIFC Investments, said: "This acquisition marks our first major investment into Dubai's real estate sector, which continues to demonstrate tremendous potential for investors and homeowners."

Abdul Majed Al Fahim, chairman of Pearl Dubai, added that the company is delighted to announce DIFC Investments has acquired a "significant portion" of the Dubai Pearl development.

Expected to be complete by 2011, the project is a premier business and lifestyle destination which is thought to be the only project overlooking the Palm Jumeirah.

DIFC Lifestyle Group has acquired a majority stake in Kuwaiti company Villa Moda Lifestyle, a firm listed on the country's stock exchange.
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