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ABU DHABI / WAM
Meilenstein, a real estate developer that traces its origin in Germany, has announced its foray in the UAE’s real estate market with eight projects with a development value exceeding AED1.2 billion ($327 million).
The projects are set to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al Furjan, Dubai Studio City and Dubai Sports City. The company has already invested as much as AED500 million ($136 million) in company formation, office set up, talent acquisition, land acquisition, infrastructure and other ground works, etc.
“We are going to invest a further Dh2 billion in developing projects in 2018 and 2019 and the numbers will then go up once we start building the projects and selling the properties,†according to Jawad Azizi, Managing Director of Meilenstein Developments.