DUBAI – UAE
“MAG Development “, the real estate arm of the Mag Holding Group, announced today the laying of the foundation stone for the “Mag City” project, located in the city of Mohammed Bin Rashid in the Meydan District 7.
The ceremony for the estimated $2bn project was held in the presence of Moafaq Al-Gaddah, founder and chairman of the MAG Holding Group and MAG Development Company, Dai Haijin, Chairman of the China National Chemical Engineering Group Co., Ltd., Han Ping, Vice President , Nay Chaun, Chairman of the China National company for Chemical Engineering Co., Ltd. – Middle East, and Su Fukiang, Chairman of “CC7”, as well as UAE and Chinese officials and board members of the two companies, in addition to real estate developers and experts .
Moafaq Al-Gaddah, founder and chairman of the MAG Holding Group and MAG Development Company, toured with the attendees and a large number of journalists, the project’s work plan and the dates of starting construction works in the various stages from the first to the fifth.
Al-Gaddah explained the advantages of the “Mag City” project which is 5 minutes driving from Dubai, and includes 5100 housing units of villas and apartments. He stressed the group’s care in selecting the executing companies led by the Chinese National Group for Chemical Engineering Limited, as well as choosing all The project designs and raw materials according to the highest standards of quality and modern construction. He also emphasized their commitment to delivery plans, promising to complete the project on time in the year 2022.
Al-Gaddah said during the press conference held on the occasion to give more details: “Today we are pleased to announce the launch of the giant “Mag City” project consisting of more than 5100 residential units of villas and apartments to be the largest residential complex we offer to the Dubai real estate market. We will exert our professional experience to build a distinguished project that is in line with the reputation of Dubai and the value of our distinguished partners and the history of our group. “
“In line with” the message of the new season, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God preserve him, who stressed the need to implement specific projects and exceptional ideas during the in the near future to continue to lead and excel in all vital sectors in the country, we worked on designing a model city that includes integrated services and facilities, which provides a sustainable social environment for the project’s residents and reduces the need to move to secure living requirements. We designed the Mag City project according to a new standard that was studied to ensure the best use of spaces and reduce the cost of service fees and operating costs, which enhances the investment returns for our clients,” Al-Gaddah added.
He also confirmed that the company recently put forward innovative plans to make the ownership of the property accessible to all. The” Mag City” project is a new addition to the real estate market in the region to enhance the competitiveness of the Emirate of Dubai .The project will create a new market and attract new categories of buyers by expanding the targeted group. Therefore we were keen to study the project in full details and aspects. The designs and materials were carefully chosen as we worked personally with the team to ensure the quality of what we provide to the market and the Emirate of Dubai.
Dai Heijen, Chairman of the China National Chemical Engineering Group Limited, said: “We are pleased with our strategic partnership with MAG Development to enhance our presence in the UAE market as one of the most important and largest real estate markets in the Middle East.
“The total value of the contracts currently executed for the group in the UAE, Saudi Arabia, Oman, Iraq and other countries is about 3.2 billion dollars. The number of employees and workers is approximately 20.000 . These contracts include housing, infrastructure, petrochemicals and chemical industries, where we are currently working on 329 projects under construction, with total value of 50 billion dollars,” he added.
Needless to say that “MAG City” is one of the prominent projects of “MAG Development”, and it includes apartments and townhouse units designed and will be constructed with the highest international standards and technical specifications. The project will offer a variety of investment packages, along with attractive payment plans of up to 24 years. This fully complies with the market requirements, that’s why social and financial sustainability were in focus, as well as effective service fees and rewarding returns.
The “Mag City” also offers public facilities with an area of 48 thousand square meters, including a private clinic, a nursery and a mosque. There is also about 8 thousand square meters devoted to retail spaces, and 84.211 thousand square meters of public parks and green areas equipped with running and riding tracks, cycling tracks .A special event center has also been designed to host international outdoor activities, parties and events for residents and their guests. The “MAG City” project will turn into a new spot light in the Emirate of Dubai. It is expected that these spaces will be opened for buyers to start using them even during the construction period.
“MAG Development” strives to meet the demand in all categories of real estate, from projects aimed at middle and low-income people to luxury projects and complexes. In addition to providing effective solutions for the real estate sector in Dubai to cope with market changes, they make the best use of the facilities provided by the Dubai government and the impact of International Expo 2020 on the real estate market.