Monday, January 27, 2020
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MAG Group invests Dh15b in the UAE

Dubai: Dubai-based Mag Group said on Wednesday that it is investing up to Dh15 billion in Dubai and the rest of the UAE.

“Now that the city has won the right to host Expo 2020 it has galvanised investment sentiment and I am sure that we are not the only company feeling the current wave of overwhelming business optimism,” said Moafaq Al Gaddah, chairman of MAG Group, said in a statement.

The group’s projects include a Dh2 billion development, located in the Meydan district, featuring 106 townhouses, and a residential community with 29 five-storey apartment buildings.

It also expects to launch a Dh750 million residential project in Sharjah, a Dh700 million Art Centre in Barsha and a Dh865 million City of Arabia residential project.

Other projects include a Dh500 million MAG residential tower in the Burj Khalifa area, a Dh100 million MAG logistics plant in Jebel Ali and a Dh180 million MAG 226 residential tower in Jumeirah Village.

According to Al Gaddah, the company is considering buying land for additional projects which could be worth up to Dh10 billion in Dubailand, Jebel Ali and Abu Dhabi.