Sunland and MFS has furthered their relationship with the joint establishment of a funds management and investment business in Dubai.
The entity will be jointly owned by Emirate Sunland and MFS and will operate from Dubai before expanding into other regions of the United Arab Emirates.
Emirates Sunland Group is a joint venture company currently operating in the UAE owned 50% by Sunland Group and 50% by Emirates Investments Group Limited, a company associated with His Excellency Sheikh Tariq Al Qassimi.
MFS will have control of the new joint venture vehicle and will be solely responsible for the development of business.
MFS’s managing director Phil Adams said the UAE is one of the world’s high growth regions.
“The business will seek to become a licensed entity operating within the Dubai International Financial Centre, which has been established to foster the development of Dubai as one of the world’s leading financial services centres. The DIFC is an important development in positioning Dubai as one of the world’s financial services hubs,” he added.
Emirates Sunland established its offices in the region earlier this year, with four projects now underway, Palazzo Versace, D1 – a sister development to Gold Coast’s world’s tallest residential tower Q1, Business Bay and the project management of White Bay at Umm al Quwain.
Sunland said that the joint venture arrangement with MFS and Emirates Sunland will present great growth opportunities as the company continues to grow its development activities in the region.
Earlier this week, MFS bought a 49.9% stake in Sunland’s Sunleisure Group for $87 million.
By Adam Parsons
