New real estate firm to cash in on booming Dubai property market

Yousuf Mundia, Chief Executive of M Holding, realty arm of the Dubai-based Mundia Group

M Holding, the property development arm of the Mundia Group, has bought 15 freehold plots in Mirdif, Dubai, worth Dh615 million, the company said. The purchase from the Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, marks the property developer's entry into the Dubai real estate market.

Yousuf Mundia, Chief Executive of M Holding said: "M Holding has implemented an expansion programme that includes several new development projects in Dubai. Our foray into Dubai's booming market has been influenced by the success of our maiden projects in Marmooka City in Ajman, where we plan to start construction soon."

Senior company officials said that the firm wants to build a Dh3 billion freehold property on the 421,657 square foot plot, located within Mirdif. The property developer has appointed Al Shurooq Architecture & Engineering Consultants as the architect and design consultants for the real estate project in Dubai, having a built-up area of  1.9 million square feet.