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MIDAS buys U-Bora commercial tower in Business Bay

- October 17, 2006, 11:45 pm

Dubai Properties and South Korea’s Bando Engineering & Construction announced today that MIDAS International Asset Management Co. Ltd has purchased the commercial component of U-Bora Towers.

MIDAS is the first international asset management fund to invest in Business Bay.

MIDAS was established in 1999 and is currently managing assets worth US$ 4 billion. In April Bando signed a US$ 300 million development deal with Dubai Properties, which came at a time when Midas was actively seeking opportunistic real estate investments overseas.

Hashim Al Dabal, CEO, Dubai Properties, said: ‘The deal is another crucial vote of confidence for Dubai Properties in the international community. The UAE’s world-class infrastructure and international business standards have sparked the interest of global investors who are continuously assessing investment opportunities in Dubai.

‘The 2.5 million square feet U-Bora Towers project will comprise the ‘grade A’ commercial tower and a luxury residential tower. Through cutting edge technology and modern amenities, Bando will create a vibrant and upscale self-sustaining community for living, working, shopping and recreation purposes.

Hong-Sa Kwon, Chairman of Bando said: ‘The U-Bora Towers project is the first South Korean development project in Dubai. It has generated widespread interest, within and outside South Korea, among various institutional investors looking for premium development projects.’

Bando aims to launch the residential component of U-Bora Towers both in Korea and Dubai. The project gained the interest of South Korea’s Prime Minister, Han Myeong-sook, on her recent state visit to Dubai, when she toured the 40,000 sq ft Bando sales centre that is nearing completion on Sheikh Zayed Road.

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