Emaar and Dubai Holdings to build Mohammed Bin Rashid City

Dubai still has the capacity to fund all the projects that have been announced and does not need to look for foreign investors for the funding of these projects. It was revealed by the Dubai Economic Council’s head who went on to say that by funding the projects itself, Dubai gets rid of the need to find foreign investors to fund its projects.

Hain Al Hamli who is the Secretary General of Dubai Economic Council (DEC) said that despite there were a few projects that were force closed during the recession after 2008, Dubai can easily access funds to develop these new projects that have been announced.

Mohammed Bin Rashid City which was announced last week by Sheikh Mohammed bin Rashid Al Maktoum who told that there would be a theme park for Universal Studios, a complex that will be having a hundred hotels and will also make the world’s biggest shopping mall till date in it. He told that the mega project will be held by Dubai Holding and Emaar Properties.

A plan to develop a complex of theme parks worth AED 10 billion was also revealed by Al Hamli and told that Dubai will find resources to finance this project though he did not reveal where the funds will come from.  He also said that Dubai has neighbors that are very rich in natural resources and Dubai too, is a part of the United Arab Emirates.

Dubai had to get a bailout from Abu Dhabi of 10 billion US dollars in 2008 as well when the property prices suddenly fell down due to the international recession and it had to close several projects as well due to lack of funds. But one of the officials in Abu Dhabi government told that a few companies in Abu Dhabi will be a part of this magnanimous development.

Al Hamli was quite clear about the practicability of the project and he also said that Emaar Properties and Dubai Holdings do have a clear agenda when they announce something. And there should not be any issues regarding the project financing at good interest rates as the companies are related to the government.