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Fortune Group will develop the two projects jointly with Sadek Architects SRL, which has vast experience in Romania. The first project will be a waterfront residential cum commercial development located in southern Romania, spread over 6 million square feet, comprising apartments, a five-star hotel and high-end wellness components. Fortune Group's second project in the north will be an exclusively residential development set amidst golf courses and ski slopes with the Transylvanian mountain range as a backdrop. Significantly, both the projects are located in popular tourist spots in Romania.
Its combined size and cost make the projects the largest commercial venture by a UAE developer in Romania and one of the largest globally. Commenting on the project Mr. Syed Muhammad Ali, CEO, Fortune Group said: "Both our projects will be targeted towards the expatriate community. Many British, French and Italian property buyers have evinced interest in our project, but we are keen on attracting GCC nationals as well. Though Romania remains a rather untapped market, many GCC nationals, including Emiratis, have been buying property in Europe. Romania with its eclectic mix of natural beauty, rich history and a diverse social fabric that reflects the various cultural influences, including the strong Eastern flavour, makes it an ideal choice for investors and buyers across the GCC."
"We were determined to enter the European real estate market with a massive project because for a developer the learning curve is independent of the project's size. We prefer establishing a strong presence through mega projects in one country rather than announcing insignificant developments all around the world. The decision to invest in Romania was taken after a two-year study of the market conditions in the country," added Mr. Ali.
Investments by Middle East investors into the European real estate sector touched four billion euros (Dhs22bn) in the middle of 2007 and it is estimated to reach 10 billion euros (Dhs55bn) in 2009-10. Romania's property market is buoyant and property prices have been rising at an average rate of 25% since 2003. Romanian property is also attracting a large number of overseas investors.
"The time is opportune to invest in Romania, the country has been pledged financial and infrastructural support by the European Union after it became a member of the Union. Through our projects we want to attract real estate investors from the GCC to this high potential market," Mr. Sadek added.
Signifying Romania's immense tourism potential, the World Travel and Tourism Council (WTTC) recently predicted the country had the World's 4th fastest growing tourism sector with a projected growth rate of 7.9% per year from 2007-2016. These factors, coupled with the wide selection of real estate options, have created an excellent investment opportunity for property in Romania.
Mr. Khalid Sadek, CEO & Managing Director, Sadek Architects SRL, the joint venture partner of Fortune Group, said:
"We are delighted to partner with a reputed developer like Fortune Group in its Romanian projects. We are confident that our experience in the local market combined with Fortune Group's reputation built up in Dubai's freehold market will inspire trust among investors and home buyers to buy property developed by the new company."
Posted by Anne-Birte Stensgaard, Senior News Editor
