Danube Properties Finalizes Acquisition of Business Bay Land from Shuaa Capital
Danube Properties, a prominent real estate company in Dubai, has successfully completed the acquisition of a prime land parcel in Business Bay from Shuaa Capital for a reported amount of AED 190 million ($52 million). This strategic acquisition positions Danube Properties to develop an exceptional residential tower on the acquired plot. Shuaa Capital, in an official announcement, acknowledged its role in facilitating the sale of this prestigious land in Dubai’s bustling Business Bay to Danube Properties.
Dubai Land Transaction
This transaction is a significant step in Shuaa Capital’s ongoing strategy to optimize its asset portfolio, enhance shareholder value, and contribute to the expansion of Dubai’s real estate market. Danube Properties has been at the forefront of Dubai’s dynamic real estate sector.
Between January 2022 and January 2023, Danube Properties unveiled six projects with a total value of AED 3.42 billion ($931 million). With a development portfolio comprising 22 projects and 10,713 units, the company’s total sales value exceeds AED 10 billion ($2.7 billion). The real estate market in Dubai has experienced remarkable growth and resilience in recent years.
The robust demand for high-quality residences, increasing international investments, and a favorable regulatory environment have been the key drivers of this boom. Shuaa Capital’s strategic commitment to capitalizing on favorable market dynamics is exemplified by the sale of this prestigious land to Danube Properties.
Fawad Tariq Khan, the Group CEO of Shuaa Capital, expressed his excitement about the deal, stating, “We are delighted to collaborate with Danube Properties, with whom we have established a growing relationship. This transaction reflects our commitment to enhancing shareholder value and supporting Dubai’s real estate sector. Our strategy is to identify and seize opportunities that appeal to the dynamic UAE market. The objective of this initiative is to provide Dubai residents with access to high-quality, affordably priced living options.”
Rizwan Sajan, the Founder and Chairperson of Danube Group, commented on the acquisition, emphasizing the company’s focus on securing prime land parcels in major developing areas. The acquired plot’s prime location will enable Danube Properties to develop an even more attractive project for homebuyers and investors, allowing them to benefit from future price appreciation.
“Business Bay is emerging as the new commercial hub, and once fully developed, it will transform Dubai’s city center into a bustling downtown area. We have already completed one of our major projects, Bayz, in this vibrant district. The acquisition of this land plot further reinforces Business Bay as a thriving urban center where people can live, work, and conduct business in close proximity to the iconic Burj Khalifa, the world’s tallest building.”