Safran Real Estate Development Company announced its intention to invest 500 million dirhams in the UAE markets. Engineer Ramesh Aswani, Chairman of the Board of Directors of Safran Real Estate Development Company, said: “We are fully confident in the growth potential of the real estate market in the Middle East in 2024, especially in light of the great prosperity that the region is witnessing, and the company has plans for the real estate market in the Emirates to invest more than 500 million dirhams, through implementing projects in key locations such as Dubai South, Majan and Dubai Maritime City.
The company has been a pillar in projects and communities such as Millennium Properties, Grand Views, and luxury villas in the Nad Al Sheba 1 area. The company’s project portfolio in Dubai also includes residential apartments in the Warsan neighborhood.
Research indicates that the total value of the real estate market in the Middle East rose to $1.38 trillion last year, and the largest share of future projects will be in the UAE and Saudi Arabia. The research looks optimistically at the growth prospects of the real estate sector in the Middle East in 2024, which is estimated at approximately $1.68 trillion worth of real estate projects that are still under planning or construction.