Royal Opportunity

Dubai Holding eyes real estate trust amid city’s property boom

London tycoon Nick Candy has formed a new joint venture with Abu Dhabi's Modon Holding and plans to build across the MENA region

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View of Dubai Marina (Getty Images)

Dubai’s ruler, Sheikh Mohamed bin Rashid, sees a grand opportunity as head of Dubai Holding Co. to capitalize on the city’s real estate boom.

The emirate’s government-owned conglomerate is in the early planning stages of creating a real estate investment trust, recruiting Citigroup, HSBC and Emirates NBD to manage a potential offering, Bloomberg reports. The company and banks declined to comment or didn’t respond.

In the UAE capital, meanwhile, institutional U.S. commercial real estate is fast becoming a game of “six degrees of Abu Dhabi,” The Promote reports, citing Mubadala’s $3 billion takeover of New York-based Fortress Investment Group in May, which has now received a regulatory go-ahead.

An emerging figure in Abu Dhabi real estate is Nick Candy, co-owner with his brother of London’s One Hyde Park development. Now Candy is focusing on the Middle East and promising to scale the heights of luxury in the UAE, Bloomberg reports.

Candy Capital has formed a joint venture with Abu Dhabi-based Modon Holding and plans to build a series of projects in the Middle East and North Africa, focusing on homes but also including hotels and offices, the news agency said.

Candy Capital has formed a joint venture with Abu Dhabi-based Modon Holding and plans to build a series of projects in the Middle East and North Africa, focusing on homes but also including hotels and offices, the news agency said.