Dubai Pearl to sell retail and leisure assets in 2012

10/11/2010 - Dubai Investment News
Dubai Pearl to sell retail and leisure assets in 2012

Posted by Neil King

Retail and leisure assets at Dubai Pearl will not be sold until 2012, its owners have said.

Located in the Dubai Technology and Media Free Zone, the development, due for completion in 2013, plans to provide housing for 9,000 residents, as well as offices, retail and entertainment space.

Around 16 per cent of the site is for hospitality projects, of which seven five-star hotels including Bellagio, MGM Grand Hotels and Skylofts will be situated.

Santhosh Joseph, the president and CEO of Dubai Pearl FZ LLC, told Emirates 24/7 that the retail and entertainment assets are worth Dh7 billion to Dh8 billion.

He said: "There are interested parties coming to us to buy individual assets and hotels because of the large brands involved but we are not yet jumping into selling these assets at these stage. We are looking at 2012 to sell part of these assets."

Mr Joseph added that the retail and hospitality areas are the prime assets of Dubai Pearl.