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Sunday, November 10, 2024

An international real estate consortium starts working on projects in Dubai.

DubaiiiAn international real estate consortium starts working on projects in Dubai.

The coalition, which consists of the Azerbaijani Sabah Investment Group, the Turkish Mesa Holding, and the UAE’s Reportage Properties, intends to make initial investments in the three countries valued at $600 million. 

Abu Dhabi: Reportage Properties’ Verdana project, which is being developed by RMS Capital Investment, a real estate development alliance of three partners, including Turkish, Azerbaijani, and Emirati enterprises,has moved into a new phase and is the first project the business has launched from Dubai.

The new move was revealed this week at an international press conference held in Dubai to announce RMS Capital Investment Real Estate’s future plans. The company plans to launch their second project, the Arabian Ranches Sea Breeze project in Azerbaijan, on the shores of the Caspian Sea in Baku.

Reportage Properties’ managing director, Andrea Nucera, stated at the press conference that the alliance is dedicated to creating cutting-edge, environmentally friendly initiatives in the real estate industry and offering premium real estate goods with value added for buyers.

According to Nucera, the UAE’s real estate market presents exceptional investment opportunities because of the country’s welcoming and conducive investment climate for foreign investors, which lures many developers to investigate the sector’s potential.

He emphasised that the new alliance, which consists of two enormous businesses like the Turkish “Mesa Holding” and the Azerbaijani Sabah Investment Group, is encouraged to start new projects by the increase in “Reportage Properties” sales that each of their projects in the UAE has seen.

The portfolio of reportage properties comprises fifty projects located in the United Arab Emirates, Egypt, Turkey, Morocco, Saudi Arabia, East Africa (Uganda, Rwanda), and Azerbaijan.

Sales for the company exceeded AED 3.7 billion ($1 billion) in 2023, a rise of over 60% from AED 2.3 billion in 2022. They have sold more than AED 3 billion so far this year in the first half.

A total of $600 million will be invested in the initial collaboration projects, which will be carried out in Dubai, Istanbul, and Baku between 2024 and 2025. The partners will supply funding, and the projects’ central management will be coordinated from Dubai.

The CEO of Sabah Investment Group, Orkhan Mustafayev, stated that the projects of the new alliance will mark a significant turning point in the real estate industry by offering clients unique investment options, increasing presence in target regions, and forming fruitful new collaborations. He anticipated that there would be a high demand for the new initiatives that Baku, Turkey, and the UAE will introduce.

The new company’s part will be 34% owned by Reportage Properties, and the respective shares of Mesa Holding Company and Sabah Investment Group will be 33% each.

Consisting of the initial initials of all three brands, the alliance’s shortened acronym “RMS” represents the brands’ common vision of quality, trust, customer satisfaction, sustainability, innovation, and social responsibility.

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