Chinese "city" and "power" work together to create a real estate project in Dubai with $ 6 billion

China’s Citic company has signed a memorandum of understanding to contribute to financing a real estate development project worth $ 22 billion Dirhams ($ 6 billion) in Dubai, which is expected to add thousands of housing units to the wealthy market in the city. The power group in Dubai, in collaboration with the Chinese “Citcale”, will develop the “Keturah Ardh” project, which runs in the first Royah First region over an area of ​​18,47 million square feet, according to a statement. The project contains the project that includes low -on -residential buildings, villas, offices and commercial spaces, in addition to a university specializing in artificial intelligence and a school, according to Talal Al -qaddah, the first CEO of the Chairman of the Board of Directors of “Power Lifestyle Development”. He added that ‘city’ will participate in financing part of the construction work. During the second quarter of the year, ‘power’ was scheduled to sell land between 50 thousand and 200 thousand square feet. The Dubai real estate market was a recovery after a seven -year stagnation in 2020, thanks to the government’s liberalization of visa laws, which contributed to attracting a wave of buyers with great wealth from all over the world. The rate of residential rents has exceeded the growth of sales prices. Dubai Real Estate Prosperity has attracted new investors from “Wall Street”, including “Brookfield” and a real estate management company owned by “Themesk Holdings”. At the same time, a number of banks and Chinese asset management companies expand into the oil -rich mid -East.