Dubai-based global business conglomerate, Reign Holdings, says it plans to invest up to $1bn in the region’s real estate sector in the coming years.
Arthur & Hardman, the firm’s development arm, expects to deliver 1,000 hotel apartment units in Dubai’s Jumeirah Village Circle (JVC) over the next few years to cater to growing demand ahead of Expo 2020.
Samir Salya, chairman of Reign Holdings, said: “Reign Holdings is focused on managing investments for regulated funds and will invest 1 billion dollars in different sectors including construction and real estate on behalf of the funds from Far East and Middle East.
“Our next projects will allow us to deliver over 1,000 units at our four-star hotel apartments in JVC in the next three years. We are currently in talks to partner with a few well established Italian restaurant chains for the new developments. This project will ensure investors receiving a guaranteed 9% RoI per annum.”
Salya expects to see strong growth in Dubai’s short-term rental sector due to the anticipated influx of tourists as Expo 2020 Dubai approaches. And he believes economic and population growth will help sustain that momentum even after the event.
Reign draws inspiration from Italy and uses Italian designs and names in its branding. The company has delivered up to 400 units in Dubai Sports City under its brand ‘Giovanni Boutique Suites’.
Projects include: Roma (400 units delivered), Milano (60% built and due for handover in June 2018), Naples (launching soon), Venecia (Under design), Turin (Under design), Florence (Under planning) and Pisa (Under planning), Salya said.