Egyptian developer launches Dh1b residential community in Dubai
The Rukan Residence from Continental Investments will occupy 2.6m square feet
A Dh1 billion residential project has been launched in Dubailand and occupying 2.6 million square feet within it. The Rukan Residence will feature a mixed-use community, with 70 per cent allocated to public spaces. The developer, Continental Investments, is part of Egypt’s Landmark Sabbour and had earlier launched the Dh400 million Continental Tower in Dubai Marina. “We are confident in the ability of Dubai’s market ability to draw to foreign investment, providing returns that are from the top regionally,” stated Ahmad Sabbour, CEO of Continental Investments. “The project reflects the increase in demand in the real estate sector in Dubai.”
Landmark Sabbour was set up in Cairo in 2007 and has projects in New Cairo, North Coast, Alain Alsokhna and Sharm El-Shaikh. In addition, it has interests in Dubai and Barcelona. The company’s land bank inside Egypt totals nearly 5.3 million square metres.
Regional developers are once again raising their profile in Dubai’s property development space, particularly those from Saudi Arabia. In addition, they continue to be among the more active investors in land.
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