Dubai World issues first official trade licence

13/05/2010 - Dubai Investment News
Dubai World issues first official trade licence

Posted by Neil King

The first trade licence for business operations on the Dubai World islands project has been granted to Kleindienst Group.

Kleindienst is the owner of the Heart of Europe project at the offshore development - a luxury resort that will feature holiday homes, apartment buildings, hotels and a range of retail, entertainment and dining outlets.

"The Heart of Europe project has been a groundbreaking one - not only literally, when we became the first developer in the world to begin construction on The World, but also metaphorically now as the owners of the very first trade licence to be issued for the development. We are delighted to part of Dubai's history," said Josef Kleindienst, chief executive officer of the group.

Construction of the Heart of Europe's first two islands began in February this year, with completion of 20 luxury villas on the Germany island scheduled for the end of Q1 2011.

In addition, thirteen villas have already been sold at the development, with the full project expected to be completed by 2015.

Meanwhile, the governor of the UAE Central Bank told Oxford Business Group this week that the country's financial institutions are in a stable position and boast high levels of liquidity.