Samana to invest AED 12.5 bn in Dubai in 2024

Samana is planning to invest big in Dubai this year: Dubai-based real estate firm Samana Developers is planning to build residential projects in the emirate at a cost of AED 12.5 bn over 2024, according to a press release. Samana will award 18 construction companies to contractors to build the residential projects, which will mostly comprise waterfront developments.

What they said: “As we expand our footprint locally, our goal is to offer local and foreign investors high-yield property assets,” Samana CEO Imran Farooq said. “Samana’s strategy aligns with Dubai’s continuously bullish outlook of the real estate industry.”

The developer’s portfolio of projects currently includes residential towers in Jumeirah Village Circle (JVC), Majan, and Dubai Studio City.

Samana expects to rake in some AED 8.8 bn in sales in 2024, after recording AED 3.3 bn in sales last year, Zawya reported in January.