G&Co to raise $1B for projects by 2020

dubai — G&Co Real Estate Development will tap financial institutions to raise $1 billion for its upcoming property and hospitality projects across Dubai.

Speaking to Khaleej Times, Joseph Ghossoub, chairman of G&Co Real Estate, said the company funds half of its projects and the remaining amount is raised from financial institutions.

“Our investments today stand at $3 billion and we plan to invest another $2 billion by 2020 in Dubai with a focus on villas and apartments that cater to the needs of families. Usually, we put in 50 or 60 per cent of our funds, so we will raise about $1 billion for upcoming projects,” he said.

The group will deliver 1,500 units this year, including 470 villas of Views and 1,028 units of Cassia this year. In reply to a query on where the group will be investing, Ghossoub said the group aims to build over 1,000 villas and thousands of apartments in coming years with a focus on mid-sized properties.

Ghossoub said: “Every part of Dubai has its own needs and requirements. Meydan is central to all of Dubai from where you can reach any area in a short span of time. Being central has always been the charm.”

As part of a joint venture, G&Co and Meydan are developing villas.

“In addition, we are looking at a hospitality project in Jebel Ali but it’s too early to share more details,” he concluded.

— waheedabbas@khaleejtimes.com