State developer earmarks $5bn for UAE

Government-owned Dubai International Real Estate is to invest $5 billion in the UAE property market over the next four years, according to a company executive.“We plan to invest $5 billion in all kinds of real estate projects - commercial, residential, mixed-use - in the UAE over a period of three to four years," Mohamed Al Sayegh, the firm’s office manager, told Emirates Today on Wednesday.Al Sayegh was speaking on the sidelines of the launch of the $204.1 million, 70-storey HHHR Tower, to be built on Dubai’s Sheikh Zayed Road.

Dubai International Real Estate, headed up by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has awarded the HHHR Tower construction contract to a joint venture of local construction firm Al Ahmadiah Contracting & Trading and Hong Kong’s Hip Hing Overseas. Source