KG Group acquires stake in Dubai-based Virtue Properties

The partnership between KG Group and Virtue Properties reflect in the growing investor confidence in Dubai’s real estate.

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Virtue Properties has expanded its shareholder base with the inclusion of K. Gupta, the new chairman and Rohit Gupta, vice-chairman of the company.

The expansion of the shareholder base will help the company to grow faster by undertaking new development projects, company officials said.

Youssef El Kurdi, chief executive officer of Virtue Properties, said: “With the restructuring of the company’s board, Virtue Properties will soon announce new residential and hospitality projects in Dubai. I welcome the new shareholders to the board of Virtue Properties who will now help the company to grow. The new shareholders do not only bring new resources to the company, but will also bring years of expertise in real estate development business.

The partnership between KG Group and Virtue Properties reflect in the growing investor confidence in Dubai’s real estate. This will help Virtue Properties undertake ambitious real estate and hospitality projects that in turn will help Dubai economy.

Gupta, CEO of KG Group and vice-chairman of Virtue Properties, said: “The decision to invest in Dubai’s real estate sector come from our firm belief in Dubai’s property sector which is now the most regulated real estate sector in the region and which showed signs of maturity. The current market situation provides ideal market opportunities for new investors like us and we are very excited about this."

Despite the challenging current market situation, Gupta sees opportunities and remains hopeful of the market recovery.

“Real estate business goes in cycles and there are ups and downs. We are currently at the bottom of the cycle and we all expect the market to go up from here,” he said.

“The year 2019 should be better as Dubai’s world-class infrastructure and connectivity continues to expand and the recent new Government initiatives will attract investment from different parts of the world."


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