EU Decides To Establish Real Estate Project In Dubai  

The European Union (EU) is planning a real estate project in Dubai, the development of which is scheduled for completion before 2020. Kleindienst & Partners, a Dubai-based developer, already has plans to build a commercial property in the emirate for the EU, says Chairman of the company.

“We have been asked by the EU to build a project that will be named House of Europe. It’s a mixed-use property consisting of offices, hotel apartments, retail and leisure facilities for companies from the EU,” Joseph Kleindienst says.

Presently, the company is working on the concept design and this is expected to be completed within this year. “We have an in-house team working on it, and expect to submit for design approvals this year,” says Mr. Kleindienst.

He established that the project would be completed before 2020 to provide exhibitors workspaces for their teams before and during the Expo. He also added that it should not take more than one and a half years to design and build the property.

However, the location of the project hasn’t been confirmed but it’s expected to be accessible to the Expo site. “It’s not finalized yet. We own land in different locations here in Dubai so we have different plots available to build it,” Kleindienst says.”It should be a central location easily accessible from the Expo area,” he added.

Moreover, it has been confirmed that conclusion of the project’s location will not depend solely on the accessibility to the Expo area. “When the Expo is gone, it should still be a good business case,” he clarified. Currently, the company is developing a six-island “The Heart of Europe” project worth 5.5 billion Dirhams [1.5 billion U.S Dollars].

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