“Both projects address the expat communities. Many British, French and Italian investors have expressed their interest in our projects but we also aim at Arabian Gulf-based co-national partners,” said Syed Mohammad Ali, general manager of Fortune Group.
The Dubai-developer opened an office in Romania after market research conducted over the last two years. “This would be the group's first investment outside Dubai, and a step in the company's development strategy in European countries,” said Roxana Costea, general manager of Fortune Group Romania.
The Romanian subsidiary of the UAE developer will partner the Romanian company Sadek Architects for the development of the two projects.
Fortune Group has developed so far projects worth EUR 1.3 billion in Dubai. “We are determined to enter the European real estate market with a major project and we plan to ensure our presence in the region focusing on important investments rather that developing a bigger
number of smaller projects,” said Ali.
Middle Eastern developers had invested EUR 4 billion in the European real estate market at mid-2007 and the figure is estimated to reach EUR 10 billion by 2010.