India's Gemini Energy forays into UAE real estate
Leading diversified business group set to develop luxury properties across the UAE in coming months
India's Gemini Energy Group announced plans to enter the UAE’s real estate sector by introducing a series of luxury projects in the coming months.
The group’s real estate division, Gemini Property Developers, will soon announce the ground-breaking of its maiden project, a high-end luxury residential building.
Sudhakar R Rao, managing director of Gemini Property Developers, pointed out that diversification into real estate was a natural progression and a strategic business move aimed at introducing the group’s core values of quality and integrity and leaving an indelible mark on the UAE’s property business.
“Dubai’s real estate market has come full circle since 2005, having experienced both the boom and bust cycles. Growth has stabilized in 2015, and with further tightening of the rules for off-plan sales by RERA, the market is showing signs of maturity. Gemini will seek to satisfy investor and end-user demand for quality residential properties in strategic locations across the GCC. Our projects will offer exquisite homes to customers, especially first-time home buyers and long-term value creation to our investors,” he added.
The group, present in India and Middle East, has around 30 years of business operations in various fields, including Testing, Inspection & Certification (TIC) services, trading and allied fields for the energy sector.
The group, originally known as Sievert group, has over a period of time established a client base of the biggest names from different industry sectors, including ADNOC, ADGAS, Aramco, PDO and ONGC, GAIL, Kalpataru Power from India to name a few.
Recently the promoters divested their stake in the TIC business to a French multinational.
Prabhakar R. Rao, joint managing director of Gemini Property Developers, said, "To begin with, we are developing new high-quality homes in the UAE, one of the most vibrant, cosmopolitan and progressive regions in the Middle East. There is very strong demand for value-for-money housing in many parts of the country and we are confident that due to the UAE’s preference for high-quality living, our projects will be well received," he said.