A report from Kuwait says that Investment Dar, a publicly quoted company on the Kuwait Stock Exchange, who two years ago bought the Australian continent on The World, some 300 islands shaped like a world map off Dubai’s coast in Dubai’s The World property project, is negotiating with foreign investors to sell all or part of the “Australia” segment it purchased.
An AFP report, says in a statement that Investment Dar’s subsidiary, Oqyana Real Estate, which is managing the project is holding talks to sell all or significant parts of the Australian continent and if the negotiations were successful, the company expects to make profits of about $1.5 billion or more ‘based on available information.
The Company had been planning a $US3.5 billion real estate and tourism development project on its part of The World islands, comprising more than 1,500 apartments with panoramic views, 90 water homes, 170 canal homes and more than 150 exclusive beachfront mansions, housing in all up to 15,000 people, as well as top class hotels and retail facilities.
The World is along the Dubai coast from three artificial islands being built in the shape of palm trees, one of which is already completed and is located 4km off Dubai’s shores halfway between the landmark Burj Al Arab hotel and Port Rashid.
Kuwait’s Al Mazaya Real Estate company, meanwhile, said it had sold two of three 44-storey towers it is developing in Dubai for a total of $220 million, with the two towers part of the ‘Mazaya Business Avenue’, a three-tower complex on the main Sheikh Zayed Road which is being built at a cost of 340 million, due for completion at the end of 2008.
Report by The Mole
