Dubai World's real estate unit and partner Coalco will invest $11 bln in the first stage of the development of an 18,000 hectare site near Moscow, the unit's first project in Russia.
The Greater Domodedovo project will include housing, shopping centers, schools, sports and office facilities, Dubai World's Limitless said in an e-mailed statement today. Dubai World manages state assets for the Persian Gulf emirate. Work on the first stage of the project, covering 3,000 hectares, will start immediately, and involve an investment of $11 billion (€8.3 billion), the company said in the statement. Construction will start in the second half of next year. “Russia is an extremely attractive market due to active economical development and high potential for large-scale real estate projects,” Dubai World Chairman Sultan Ahmed Bin Sulayem said in the statement. “It's one of the strategic markets identified by Limitless.” The first stage of the development will include 150,000 residential units, 600,000 square meters of retail space, 600,000 square meters of commercial space and 750 hectares of “employment-generating centers,” the company said in the statement. A large part of the project will address the issues raised in the Russian government's “Comfortable and Affordable Housing for Citizens of Russia” initiative, the statement said. Coalco, an investment and development company, is based in Moscow. (Bloomberg)
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