SHUAA Capital announces sale of prime Business Bay land to Danube Properties for AED 190mln

SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, announced that it has arranged, on behalf of its subsidiaries and other investors, the sale of a prime plot of land in Business Bay, Dubai to Danube Properties for a total sale price of AED 190 million. This transaction is part of SHUAA Capital’s ongoing strategy to consolidate its asset portfolio, driving value for its shareholders and supporting the growth of Dubai’s real estate market.

Danube Properties has been at the forefront of Dubai’s booming real estate market. Danube Properties launched six projects, worth AED 3.42 billion from January 2022 to January 2023. The developer’s current development portfolio includes 22 projects and 10,713 units, with a combined sales value exceeding AED 10 billion.

Dubai’s real estate market has demonstrated incredible buoyancy and expansion in recent years. The driving forces behind this surge include robust demand for high-quality properties, growing foreign investment, and a dependable regulatory framework. The sale of this premium plot to Danube Properties reflects SHUAA Capital’s strategic commitment to leverage favourable market dynamics.

Fawad Tariq Khan, Group Chief Executive Officer of SHUAA Capital, commented: “We are delighted to reveal this transaction with Danube Properties, with whom we have a growing relationship. This agreement underscores our dedication to generating shareholder value and participating in the advancement of Dubai’s real estate sector. Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market.”

Danube Properties plans to develop a state-of-the-art residential tower on the acquired plot. This project aligns with Danube Properties’ vision to create affordable, high-quality living spaces for residents of Dubai.

Rizwan Sajan, Founder and Chairman of Danube Group said, “As one of the fastest-growing private real estate developers in the UAE, we are always on the lookout for prime plots of land in key development areas. This purchase will help Danube Properties to create a more attractive project for investors and home buyers to invest and benefit from future price appreciation, due to its attractive location. Business Bay forms the new business district and once completed, will create a vibrant downtown at the heart of Dubai, where we already have delivered Bayz – one of our key projects. Purchase of this particular piece of land will help us strengthen Business Bay as a vibrant downtown where people will be able to live, work and do business – at a location next to Burj Khalifa, the world’s tallest tower.”