PALMA TO LAUNCH $1BN DUBAI REAL ESTATE PROJECTS
UAE-based Palma Holding, a developer of luxury residential and mixed-use complexes is set to launch two new real estate projects worth $1.07 billion in Dubai next year, the company announced in a statement. The first project is a luxury beachfront residential project on The Palm Jumeirah, while the second is a luxury residential project in “one of Dubai’s premium locations,” the company said. Work on the first project, which includes apartments and luxury penthouses will start in early 2015, while the second project will take off by the end of the year. Kareem Derbas, CEO and co-founding partner at Palma Holding, said in a statement that Palma’s strategy is to build on the existing confidence in the Emirate’s real estate sector which is showing sustainable stability and growth. “We feel that it is the right time to introduce these two signature projects for our investors’ profitable investment,” he said.