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Dubai-based KASCO Developments will self-finance its VAL and ONDA projects in Al Jaddaf Waterfront and Business, Chairman Mustafa Al Kaissi told Zawya Projects.
The projects are entirely self-funded, he said, adding this reflects the company's robust financial standing and commitment to complete the projects without reliance on external funding.
The tendering process for the 13-floor VAL project, housing 121 units, is completed, with construction scheduled for completion by the fourth quarter of 2026, Al Kaissi said.
He said the Al Jaddaf Waterfront’s prime location along Dubai Creek and the growing demand for premium, sustainable residential spaces in this rapidly developing area were key factors in selecting the site.
Additionally, construction has started on the 23-storey ONDA tower, with delivery slated in the third quarter of 2027.
Al Kaissi admitted that Dubai’s flourishing real estate sector has heightened competition for top contractors.
“However, we have not faced any issues thanks to our existing relationships with quality contractors and our comprehensive management of the entire development process.”
He added that tender prices have increased amid the UAE’s real estate boom.
“This aligns with market dynamics driven by heightened demand for premium construction services, underscoring the sector’s growth trajectory,” Al Kaissi said.
In an interview with Zawya Projects in October 2024, the Chairman said that the company expects continued growth in the sector, but remains cautious of risks. The company’s investment in three projects is estimated at 1.2 billion UAE dirhams ($326.71 million)
“Our organisation and capital structure are designed to withstand and thrive under adverse market conditions,” he said.
(Reporting by P Deol; Editing by Anoop Menon)
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