Dubai group plans $30bn Vietnam project
Dubai, February 2, 2013
Global Sphere, a Dubai-based development company, has launched a $30 billion mega real estate project in Vietnam dubbed “Hanoi Wall Street” that will boast of complete city services covering an area of 35 sq km.
The project, which lies only 4 km away from the Hanoi airport, is the largest Vietnamese venture by an UAE-based company.
Global Sphere board chairman Dr Abdullah Al Sayegh revealed that the land in Urban No.8 –which some dubbed “Hanoi Wall Street”- was given out by the Vietnamese government after negotiations spearheaded by Global Sphere Vietnamese partner, Viet Royal Group.
According to him, the project is an integrated community with a total value estimated at $30 billion. The first phase valued at $10 billion is expected to be accomplished by 2020.
He said the project will have about 70 residential towers with varying heights between 40 and 70 floors, with a unique 102-storied tower in the middle others.
“It will accommodate between 300,000 to 400,000 people. The engineering plan for the project resembles Downtown Dubai,” he said.
An UAE engineering firm, Next has carried out consultancy for Global Sphere. “This is the first stage of the project,” he said adding that the project ends in 2030, after galloping up to $30 billion," said the company head.
“The investment opportunities in developing countries are promising” remarked Al Sayegh.
The Global Sphere, he said, is a port for the entry of many UAE companies to Vietnamese market because the implementation is entirely self-funded.
“All the company's projects are development and investment projects. They were carefully followed proactively by the embassies of both countries carried out frequent visits,” he added.
Al Sayegh said the company's projects are “not related to a particular geographic area” but “linked with distinct investment opportunities which we aim to seize in any part of the world.”
"Global Sphere aims to set up projects in future in many countries under development in Africa and Asia in addition to the projects that we have in the Arab region. We are ready to engage into negotiations with prospective partners," he added.
Al Sayegh said the company enters as a partner in the project provides funding ranging between 80 per cent and 100 per cent of the required value of the project whereas profit-sharing and retrieval is case-by-case arrangement based on the negotiations of parties involved.
“We as a company are ready to provide the necessary funding within and outside the UAE on the basis of negotiations with potential partners,” he added.
Al Sayegh said this was the first of the company's business in Vietnam, but it had earlier been involved in a number of contracts including projects for the production of solar energy to be carried out in partnership with the Worldtech Corporation, while the other remaining projects went to many different companies within Vietnam.
Among the projects financed by Global Sphere connected to the “infrastructural sector” such as construction of roads, electronics sector and technical solutions.
According to Al Sayegh, the company aims to enter as an essential financier for High Power, a large-scale project that contributes to the development process and increasing the GDP.
“We have a great potential and the company intends to set up offices in all the countries where we establish projects. We will have company's offices in Vietnam as well as in European countries and North America,” he added.-TradeArabia News Service
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