Canada Business Holdings (CBH) has announced that it is setting aside billions ($6 billion to be precise) of funds to acquire distressed assets and real estate projects in the UAE. Its future plan of acquisition includes Dubai Pearl development, which has been delayed for a long time.
On Sunday, in a statement sent to Gulf News, the company 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.”
At present, the real estate market in Dubai is going through a period of correction. It has also been noticed that the real estate prices are going down in recent months.
The Canadian company has a pipeline of over $17 billion worth of projects. To oversee its business in the Middle East, the company has decided to open a regional office in the Emirate by the end of the year.
The company has also expressed interest in taking over the Dubai Pearl, a huge development overlooking The Palm Jumeirah a few days back. Dubai pearl’s development has been delayed since its launch in 2003.
Dubai Pearl was originally planned to be the largest single building in the world that covers a built-up area of approximately 20 million square feet. The plan was to build an “integrated city” that can house 9,000 residents as well as 12,000 employees. It consists of four towers that are connected together at the base.
In their own words, CBH has “strategically aligned its plans” with a top construction and engineering firm for this mega project.
Moses Solemon, chairman and CEO of CBH, said, “Dubai is a focal market for our company’s investments. We remain confident that Dubai continues to deliver its promises and remains a profitable market even in times of uncertainty…Our goal is to provide protected and more secure investments with higher returns for our shareholders and partners.”