Muraba to develop property on Palm Jumeirah
The Dubai-based property firm Muraba, which was launched in November, is eyeing a slice of Dubai’s luxury real estate market with a property development on the Palm Jumeirah.
The property, valued at more than Dh300 million, includes 46 apartments and four penthouses overlooking the sea. The project, fully funded by the owners, is the first property for Muraba, which means square in Arabic.
The founder, Ibrahim Al Ghurair, is the former managing director of Al-Ghurair Properties. He has teamed up with Dubai-based investors for his first venture. He is targeting both local and international investors, who can buy apartments starting from Dh4.7m. The price for a penthouse exceeds Dh25m.
“Dubai has always been an interesting market, surpassing us all the time, and a window to a wider region,” said Mr Al Ghurair in his office in Emaar Square, which replicates the inside of an apartment.
Muraba may entertain other projects in the future, he said.
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Published: December 14, 2014 04:00 AM