UAE attracts two major property deals from Indian firms
The United Arab Emirates (UAE) has attracted two major investment deals from Indian property developers, according to new reports.
India's largest property firm, DLF, will invest some $24 billion (£12 billion) into a redevelopment deal with Al Nakheel, a Dubai-based company, that will see the reconstruction of two townships in India, the Business Standard states.
Additionally, Indian property firm Hindujas intends to invest more than $1 billion in a wide-ranging project with Dubai World.
This includes a $276 million commercial development based in the UAE comprising some 2 million sq ft of space, Reuters reports.
Hinduja India chairman Ashok Hinduja is quoted by the news agency as saying: "In the first phase, the firm will invest $1 billion primarily in India and also elsewhere."
The UAE partner for the project, Dubai World, is a holding company for the government's interest in properties. It claims to play a major part in the sustained growth of the UAE's economy.
It is also the world's third-largest port operator.
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