Dubai Properties and Korea's Sungwon Corporation sign AED 1.5 Billion development deal

The agreement was signed by Hashim Al Dabal, CEO of Dubai Properties and Yoon-Soo Jeon, Chairman and CEO of Sungwon Corporation in the attendance of key personnel from each company. According to the agreement, Sungwon, one of South's Korea's largest construction companies, will be rolling out projects comprising residential, commercial, and retail sectors.

Speaking about the agreement, Hashim Al Dabal commented:

"This is another important vote of confidence for Dubai Properties in the international community. We are looking forward to working with Sungwon Corporation to develop unique projects in Dubai."

He further commented that there was renewed interest in Dubai's property market following the passing of the Dubai Property Law in February of this year, which has resulted in large investments by renowned property developers from the around the world. He added that this is the second major investment by South Koreans in Dubai Properties projects, and denotes a strong confidence by Asian investors in the property market here.

"Because of the world-class infrastructure and the international standards of business here, we have received many requests by global investors that are continuously assessing their feasibility for investing in Dubai," Al Dabal added.

Yoon-Soo Jeon remarked: "Our decision to invest in Dubai Properties is part of our long term strategy to establish our place in Dubai, which is one of the fastest growing economies in the world. We hope to bring our expertise and knowledge to this market in order to enhance it even further."

Founded in 1978, Sungwon Corporation of South Korea is a large scale integrated real estate development, construction and engineering company. Sungwon Corporation's specialization is focused on high rise residential/commercial complexes; civil works; environmental plants and special projects such as championship golf courses, world-class stadiums and resorts.

"Sungwon is a respected and well-established corporation in South Korea and in the rest of the world, and we are happy that they chose Dubai Properties for their first project in Dubai," Al Dabal concluded.