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The new company “Dar Dubai Investments” to begin operations with iconic business park in the Saudi Kingdom Dubai, February 23, 2015: Dubai Investments PJSC [DI], the leading investment company listed on the Dubai Financial Market, has announced a 50:50 joint venture partnership with RED House SAL – a Saudi-Lebanese Joint Stock Company with expertise in real estate investments across MENA region, to manage projects and developments in the Kingdom of Saudi Arabia. The joint venture company will manage and operate mega, mixed-use real estate development projects across Saudi Arabia. The launch of the new company comes amidst burgeoning growth trends in the Saudi Arabia real estate sector. The real estate market in the Kingdom is valued at more than SR1.3 trillion, and is expected to reach SR1.5 trillion in the next few years. A joint venture agreement was signed in Dubai last week between Khalid Bin Kalban, Managing Director and CEO of DI, and Mazen Beaini, Chairman of RED House SAL, Musaed Al Sarra, Board Member of RED House SAL and other senior DI officials were present at the signing. The new joint venture named “Dar Dubai Investments” will begin operations in Saudi Arabia with an iconic Business Park that would be unveiled in few months while other distinctive Mega projects are in the pipeline. The Business Park will spread over more than 11 million square meters and shall be developed in two phases; It will encompass lights industry, warehouses, offices and commercial showrooms, labor amenities, Business Hotel and other logistics facilities similar to Dubai Investments Park [DIP], the largest integrated commercial, industrial & residential community in the region. A new entity will be entrusted with the development and management of the Business Park project, as well as other future projects in the pipeline across Saudi Arabia. DI will own 25% stake in this new entity. In his comments, Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “The decision to launch a joint venture company in Saudi Arabia is a major step forward in our journey to expand our international operations. Saudi Arabia is a strategic market in our growth plans, and offers unmatched growth potential – especially in the real estate sector. We look forward to reinforcing our partnership with RED House SAL and exploring opportunities in KSA over the medium to long term, leveraging each other’s strengths and resources.” “We have set new benchmarks with our experience in developing and managing different real estate projects and happy to take this expertise to Saudi Arabia with this new entity. We will leverage our core competencies in integrated mega-project developments, through our projects in KSA,” added Mr Kalban. Mazen Beaini, Chairman of RED House SAL and CEO of the new entity, said: “The Kingdom of Saudi Arabia continues to spearhead the economic growth across the GCC and as one of the leading names in the regional real estate sector, we thought the time was opportune to expand our presence in the country. We are happy to join hands with Dubai Investments, which has carved a niche with its pioneering and iconic developments in the region. We are delighted to bring their expertise to the Saudi market.” RED House Group is a privately owned Saudi-Lebanese Real Estate Investment and Development firm that was established in 2005 and specialized in Master Planned Communities Investment and Development. Throughout the years, RED House accumulated an extensive experience in strategic planning, finance engineering, project management and founded a network of global alliances and partnerships that enhanced its regional standing. RED House continues to grow its portfolio holdings and regional operation in Algeria, Cyprus and Lebanon with an advanced positioning in the Saudi Market.
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