Dubai Properties and South Korea’s Sungwon Corporation have a signed a Dh1.5 billion ($399 million) multi-development deal to roll-out projects in developments by Dubai Properties.

The agreement was signed by Dubai Properties chief executive officer Hashim Al Dabal and Sungwon Corporation chief executive officer Yoon-Soo Jeon. According to the agreement, Sungwon, one of South Korea’s largest construction companies, will be rolling out projects comprising residential, commercial and retail sectors.
Al Dabal says there is renewed interest in Dubai’s property market following the issuance of the Dubai Property Law, which has resulted in large investments by global property developers. He adds that this is the second major investment by South Koreans in Dubai Properties projects and denotes the strong confidence from Asian investors.
“Our decision to invest in Dubai Properties is part of our long-term strategy to establish our place in Dubai, which is one of the fastest-growing economies in the world,” adds Yoon-Soo Jeon. “We hope to bring our expertise and knowledge to this market in order to enhance it even further.”
Founded in 1978, Sungwon Corporation of South Korea is a large-scale integrated real estate development, construction and engineering company. Sungwon Corporation’s specialisation is focussed on high-rise residential/commercial complexes; civil works; environmental plants and special projects.