Dubai's Danube Properties has bought a prime Business Bay plot from Shuaa Capital for a reported AED 190m ($52m), where it plans to develop a state-of-the-art residential tower. Shuaa Capital announced that it arranged the sale.
A Strategic Transaction
The deal is part of Shuaa Capital's ongoing strategy to consolidate its asset portfolio, creating value for shareholders while supporting the growth of Dubai's property market.
Danube Properties has been at the forefront of Dubai's real estate boom, launching six projects worth AED 3.42bn ($931m) between January 2022 and January 2023. Its development portfolio now includes 22 projects and 10,713 units, with a combined sales value of more than AED 10bn ($2.7bn).
Dubai's market has shown remarkable buoyancy in recent years, driven by strong demand for quality property, growing foreign investment and a dependable regulatory framework.
What They Said
Fawad Tariq Khan, Group Chief Executive Officer of Shuaa Capital, said: "We are delighted to reveal this transaction with Danube Properties, with whom we have a growing relationship. This agreement underscores our dedication to generating shareholder value and participating in the advancement of Dubai's real estate sector. Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market."
The project supports Danube Properties' vision of creating affordable, high-quality homes for Dubai residents.
Rizwan Sajan, Founder and Chairman of Danube Group, said: "As one of the fastest-growing private real estate developers in the UAE, we are always on the lookout for prime plots of land in key development areas.
"This purchase will help Danube Properties to create a more attractive project for investors and home buyers to invest and benefit from future price appreciation, due to its attractive location.
"Business Bay forms the new business district and once completed, will create a vibrant downtown at the heart of Dubai, where we already have delivered Bayz – one of our key projects.
"Purchase of this particular piece of land will help us strengthen Business Bay as a vibrant downtown where people will be able to live, work and do business – at a location next to Burj Khalifa, the world's tallest tower."
