RMS Capital Investment, the real estate developing alliance of three partners including an Emirati, Azerbaijani and Turkish companies, announced the launch of their first project from Dubai. The project is a new phase of the Verdana that Reportage Properties is developing in Dubai.
The alliance, which includes Reportage Properties from the UAE, the Turkish Mesa Holding and the Azerbaijani Sabah Investment Group, plans to pump initial investments estimated at $600 million in the three markets.
The first partnership projects will be implemented in Dubai, Istanbul and Baku between 2024 and 2025, with total investments amounting to $600 million. Financing will be provided by the partners, while the central management of the projects will be organised from Dubai.
Second project in Baku
The new move was disclosed at an international press conference held in Dubai this week to announce the future plans of RMS Capital Investment Real Estate, as the new company intends to launch their second project on the shores of the Caspian Sea in Baku, within the Arabian Ranches Sea Breeze project in Azerbaijan.
Promising opportunities
Addressing the press conference, Andrea Nucera, Managing Director of Reportage Properties, confirmed that the alliance is committed to develop innovative and sustainable projects in the real estate sector, and provide distinguished real estate products with added value to customers.
Nucera said that the real estate sector in the UAE offers distinguished investment opportunities, in light of the attractive and encouraging investment environment provided by the UAE for international investors, which encourages many developers to explore promising opportunities in the UAE real estate sector.
"Dubai is a global investment destination that attracts investors and wealthy people from different countries of the world, especially in light of the successive disclosure of many initiatives and measures that stimulate investments in the UAE," Nucera said.
He stressed that the increase in "Reportage Properties" sales recorded in all their UAE projects encourages the new alliance, which includes two giant companies such as the Turkish "Mesa Holding" and the Azerbaijani Sabah Investment Group, to launch new projects in the UAE.
Reportage properties portfolio includes 50 projects in the UAE, Egypt, Turkey, Morocco, Saudi Arabia, East Africa (Rwanda, Uganda) and Azerbaijan.
The company's sales topped AED3.7 billion ($1 billion) in 2023, compared to AED2.3 billion in 2022, a growth of more than 60%. During the first six months of the current year, its sales exceeded AED3 billion.
Great experience
Mert Boysanoglu, CEO of Mesa Holding, confirmed that the new partnership aims to become a strong player in the global market by developing major global projects in the near future, benefiting from the great experience of the three companies and their efficiency in developing distinguished and successful real estate projects in many countries in the region.
Strong demand
Orkhan Mustafayev, CEO of Sabah Investment Group, said that the new alliance's projects will represent a milestone in the real estate sector, by providing distinguished investment opportunities for customers, enhancing presence in target markets and building new and successful partnerships. He expected strong demand for the new projects that will be launched in the UAE, Turkey and Baku.
Reportage Properties share of the new company will be 34%, while Mesa Holding Company and Sabah Investment Group will have 33% each.
The alliance abbreviated name "RMS,” consisting of the first letters of the three brands, symbolises the shared vision of these brands, which includes trust, quality, customer satisfaction, sustainability, innovation and social contribution.--TradeArabia News Service
