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Shuaa sells Business Bay plot to Danube for $52m

By Pramod Kumar
Business Bay Dubai Reuters/Satish Kumar
Business Bay, Dubai

UAE-based asset manager and investment bank Shuaa Capital has sold a plot of land in Dubai’s Business Bay master development to Danube Properties, a local real estate developer, for AED190 million ($51.73 million).

The transaction is part of the investment bank’s ongoing strategy to consolidate its asset portfolio. 

Danube Properties launched six projects worth AED3.42 billion between January 2022 and January 2023. The developer’s current development portfolio includes 22 projects and 10,713 units, with a combined sales value of over AED10 billion.

Fawad Tariq Khan, group CEO of Shuaa Capital, said: “Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market.”

Danube Properties plans to develop a residential tower on the acquired plot, the statement said, as part of its plan to build “affordable, high-quality living spaces”.

Rizwan Sajan, founder and chairman of Danube Group, said that the plot purchase will help create a “more attractive” project for investors and home buyers.

“Purchase of this particular piece of land will help us strengthen Business Bay,” he added.

Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said last month in an interview with Reuters that there is a risk Dubai will become too expensive for mid-income workers to live in.

“If private developers cannot provide that, then the government and GREs [government-related entities] could play a bigger role to do that and keep prices reasonable,” he said.

Dubai’s real estate market continues to show strong growth, with the number of transactions in May up 76.6 percent year on year.

Average home prices rose 15.9 percent in the first five months of 2023, and rental rates are up an average of 24.2 over the same period.  

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