Emaar associate to reveal affodable housing plans
Emaar's associate company Dawahi Development will soon give details
An associate company of Emaar Properties will launch an affordable housing project in the UAE.
"There is an internal discussion on Dawahi Development. We have an associate company that may be taking on that responsibility and I think they might be announcing something soon in the UAE," Emaar Properties chairman Mohamed Alabbar told Emirates 24|7.
"It's an associate of ours and that is going to take care of that level of market (middle income market)," he said.
No details about the cost of the new homes have been released.
In October 2011, Emaar Properties launched its new wholly-owned subsidiary, Dawahi Development, whose aim is to develop 'value housing' in full-service community developments.
Dawahi Development will develop homes across the Middle East and North Africa (MENA) region, which will, in turn, create employment opportunities.
It is estimated that the Gulf Cooperation Council (GCC) countries could face a shortage of more than one million homes by 2018, as populations increase.