The MAG Group announced the signing of a Memorandum of Understanding (MoU) with China’s Citic Construction, a subsidiary of the Citic Group, for $6bn (AED22bn) to build a series of projects in Dubai.
The two companies will partner in different property and infrastructure projects within the emirate under the agreement. The projects will be for residential, commercial, and mixed-use developments.
MAG announced that this agreement demonstrates the group’s support of UAE’s long-term planning and development strategies and enhancing relations with the international community.
MAG Group Founder and Chairman Moafaq Al Gaddah said: “This partnership with Citic Construction is a huge achievement for MAG. The wealth of construction and development expertise offered by Citic will be a critical factor in our joint success. We will, with their help, deliver stunning developments that transform Dubai’s skyline and support its economic growth.”
It is an international construction and engineering firm with a reputation for handling massive projects across different nations. It is a subsidiary of the Citic Group, which is among China’s biggest conglomerates.
The partnership is likely to introduce international investment and expertise to the real estate market in Dubai, supporting the vision of the city to increase foreign investment and raise its global competitiveness.
The two companies will be working together to provide quality developments that are up to international standards, both companies hoping to make a positive impact for the community and the wider UAE economy.
