Dubai’s Fortune Group to invest EUR 2 billion in real estate
27 December 2007
Dubai's Fortune Group will invest a total of EUR 2 billion in housing developments and shopping areas, Roxana Costea, General Manager for Romania of the Arab company told Business Standard.
''The projects are located in the Black Sea area and Transylvania. These are the first foreign investments of the Fortune Group,'' added Costea. The projects will be officially presented in late January.
The first investment will be in south-eastern Romania and will comprise a housing development, a shopping area, a five-star hotel, and a deluxe spa.
''We are determined to enter the European market with a major project, because the learning process of a developer is independent of the project’s magnitude. We prefer an important project rather than to invest in small projects. The decision to invest in Romania was made following a two-year study of market conditions here,'' said Syed Mohammad Ali, CEO of Fortune Group.
The second project, located in Transylvania’s mountain region, will be a residential complex with golf courses and ski slopes. Both projects are being developed in partnership with local Sadek Arhitects, and target investors from Great Britain, Italy, France, but also Dubai and the Persian Gulf area.
Investments by Middle Eastern companies reached EUR 4 billion in 2007 and are expected to amount to EUR 10 billion in 2009-2010. The Fortune Group was founded ten years ago by the Hanif family. Total investments amount to EUR 1.9 billion.