AGI & Palace Group Partner for Development on Dubai Water Canal
Abu Ghazaleh Investments (AGI) and developer Palace Group have formed a joint venture partnership to acquire a site on the banks of the Dubai Water Canal. The location spans a plot area of 185,339sqft, with a maximum allowable GFA of approximately 705,000sqft.
Advancing to shape the future of refined Dubai living, the inaugural partnership will build on Palace Group’s 25+ years of developing properties within the region’s communities with AGI. Positioned in Jumeirah area, on the south side of the Dubai Water Canal and adjacent to Sheikh Zayed Road, said a statement.
Amir Abu Ghazaleh, Chairman and Founder of AGI commented, “Dubai continues to be one of the most resilient growth markets in the world and Dubai Water Canal is recognised as one of the most desirable locations for prime real estate. With our partners at Palace Group, we saw an opportunity to enter a strategic joint venture and make a transformative investment in the region. We look forward to revealing further details in due course.”
Mohammed Abu Ghazaleh, Managing Director of AGI commented, “We are delighted to be embarking on this enterprise with Palace Group, one of the most trusted developers and construction companies in the UAE. As one of the largest and most significant development opportunities along the canal, we are poised to unlock the potential of this iconic site and establish the next ultra-luxury residential landmark in one of the region’s most sought-after locations.”
Wissam Damaa, Founder and CEO of Palace Group added, “This project comes within the context of Palace Group’s expansion plan. Our joint venture with AGI is based on the common vision to acquire and develop first-class projects that push the boundaries of design and offer living experiences yet to be attained in the market.”
The soon to be revealed address will sit alongside other upscale developments such as Four Seasons Private Residences, Muraba Veil, and more, positioned exclusive and transforming neighborhoods within the UAE’s real estate landscape, the statement concluded.