MAG Group to invest up to Dhs15bn in Dubai by 2020

February 26, 2014 4:53 pm

Moafaq Al Gaddah, Chairman of MAG Group, Dubai-based multinational, unveiled his own vision of how the conglomerate was investing up to Dhs15bn in the future of Dubai and the wider UAE, especially in the build-up to Expo 2020 at a corporate event recently.

“Dubai has always been an attractive investment proposition for local, regional and international investors. Now that the city has won the right to host Expo 2020 it has galvanised investment sentiment and I am sure that we are not the only company feeling the current wave of overwhelming business optimism,” said Moafaq Al Gaddah, Chairman, MAG Group.

MAG Group has already announced and has projects under implementation, worth Dhs5bn, including the Dhs2bn multi-phase project, located in the Meydan district, comprising 106 townhouses and a residential community spread across 29 five-storey apartment buildings, a Dhs750m residential project in Sharjah, the Dhs700m Art Centre in Barsha, the 865 million City of Arabia residential project, the Dhs500m MAG residential tower in the Burj Khalifah area, the Dhs100m MAG Logistics plant in Jebel Ali and the Dhs180m MAG 226 residential tower in Jumeirah Village.

Moafaq Al Gaddah went on to comment, “We are studying to buy land for additional projects which could be worth up to Dhs10bn in Dubailand, Jebel Ali and Abu Dhabi, which will be announced in the coming months.”

Moafaq Al Gaddah’s comments were made at a MAG Group corporate annual function, which was attended by over 240 management and staff as well as other key stakeholders. Other 2013 highlights at the glittering event included the announcement of MAG Trading’s annual turnover of more than Dhs800m, and a market presence in more than 90 countries and a forecast for further expansion in 2014. MAG Royal Solutions also created a Guinness World Record in 2013 for the largest automated parking facility in the world, at a cost of Dhs80m and situated in Emirates Financial Towers, DIFC.

“There may well be cynics out there who look at Dubai’s development and wonder what all the fuss is about. For those of us who have been living and working in Dubai for the past fifteen years, or thirty six in my case, this is nothing short of miraculous.

“What Dubai has achieved is the result of careful planning, hard work and more importantly the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, where they made a model of the city of Dubai model,” concluded Al Gaddah.

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