Madain Properties, the Dubai-based firm that is planning to launch projects worth AED3bn ($817m) in the UAE this year, is to expand into Saudi Arabia and Abu Dhabi over the next 12 months.
Madain recently expanded into the commercial property sector, with the launch on 3 July of the AED400m Domain project in Dubai Silicon Oasis, and now plans to boost its operations outside the emirate.
“We already have a small transaction outside the UAE in the Gulf region,” says Abdulaziz al-Awar, chief executive officer of Madain. “Saudi Arabia is a wonderful place to invest and we hope to announce plans outside Dubai next year.”
While refusing to be drawn on the details of projects outside its home market, Al-Awar says the firm will make further announcements in the coming months.
However, he says Madain’s home market remains a priority. “The UAE will always be first,” he says. “We still have a lot to do here. We are not yet in Abu Dhabi, but hope to announce something soon.”
Negotiations are still under way with local contractors for the Domain project. Work is expected to begin by September.
Construction has also recently started on another Madain Properties development, Marine Arcade at Dubai Marina. The shopping and residential building is due to be completed in 2011.
Dubai Silicon Oasis is a technology park. According to Muammar Khalid al-Katheeri, chief planning and construction officer for the park, 65 projects are being developed at the site.