DIFC fund backs Dubai Pearl with Dhs3bn investment

The Dubai Pearl is a mixed-use development valued at Dhs15bn, currently under construction near the base of the Palm Jumeirah. The latest announcement brings total sales of the project up to Dhs10bn.

The announcement was made through the recently-launched DIFC real estate fund, and comes at a time when property stocks, along with most industry sectors, have been undergoing turmoil on regional exchanges.

'The DIFC investment shows the confidence in the Dubai market as well as in the Dubai Pearl,' Santosh Joseph, the company's President and CEO told AME Info.

Dismissing market analyst reports that the property market in Dubai is about to undergo price corrections, Santosh points to strong growth figures: 'In my research there have been around 81 similar predictions regarding the real estate market before July 2008, they didn't work out and I don't believe that the 82nd or 83rd will come true either.

'I think analysts are shooting off the hip, they are not really studying the market, the fundamentals are still really, really strong in Dubai. It's an isolated case when you compare it to other real estate markets globally. We've had a lot of interest during Cityscape.'

The company plans to launch two further big name developments within the project in the coming months: 'We are launching the Maclaren Hotel & Residence in November. Then, next year, we will be launching a fashion brand in the project too.'

The majority part of the 15m sqft project will be completed and handed over in December 2011 with the hotels due for completion in 2012.

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