Canada Business Holdings has announced its intentions to invest billions into real estate projects, along with other assets, in the United Arab Emirate’s Dubai.
The company says it has around $6b to spend on distressed and incomplete projects in Dubai and intends to finance many until completion.
One of the projects under consideration is the Dubai Pearl Development, an urban community facility that has seen building work stalled for many years. The area, located just behind the Palm Jumeirah, was to consist of 2,000 homes, three hotels and entertainment facilities. It was due to be completed in 2006 but since then it has changed hands multiple times and still remains unfinished.
Canada Business Holdings could be about to change its incomplete status as it sees it as an investment opportunity that could benefit the area as well as bring about profits.
In a statement sent to Gulf News,
Canada Business Holdings said: “CBH intends to deploy such funds in acquiring distressed assets and complete their construction. The company plans to invest, develop, own, manage and overrate the assets for the next thirty years.”
Canada Business Holdings uses financial structures to create sustainable development for communities.
While many years ago Dubai was an area that many people were investing in, in recent times the area hasn’t seen as much activity with property prices said to be softening.
Canada Business Holdings however, believes there is still room there to see lucrative returns on investment saying it as a ‘profitable market.’
The company intends to open an office in the area to oversee its Middle East investments.