International funds sought for €2.6billion Dubai project
Developers of the 20 million sq ft Dubai Pearl have announced their collaboration with Singapore Sotheby's International Realty to encourage international funding for the €2.6billion luxury project. Pearl Dubai FZ LLC is to commence a road show across key Asian hubs and seek high net-worth investors through Sotheby's International Realty network that spans 35 countries.
Santhosh Joseph, CEO and President of Pearl Dubai, said: “This strategic alliance will significantly benefit both partners. While Sotheby’s International Realty is renowned as an exclusive entity with access to high-profile clientele in various markets, Dubai Pearl promises to be an attractive destination that will appeal to this exclusive set of potential customers. Our offerings align perfectly with the lifestyle expectations of Sotheby’s International Realty and we believe the road-show will effectively showcase our project to the right audience.”
Construction of the megalithic development which overlooks the now iconic Palm Jumeirah began in early 2008. Built entirely on urban infill the development will provide luxury apartments and sky penthouses for 9,000 residents and a bustling business centre for 12,000 people upon completion set for 2013. Based around the idea of a 24-hour lifestyle, the super-cosmopolitan, LEED Gold development is planned around a pedestrianised system and will include cultural space such as a 2,000 seater performing arts theatre. Six 5-star hotels including a Bellagio, a Baccarat and and MGM Grand will also provide 1,400 rooms for guests. A fully comprehensive urban plan will turn the project into a city within a city.