A joint venture real estate development company between United Arab Emirates and South Korea, NB Mena, was launched in Abu Dhabi with the signing of an agreement established in the capital on Tuesday as a joint venture between the UAE and South Korea for construction of retail, residential and commercial units.
The agreement was signed by Abu Dhabi-based NBB Group and South Korean property developer Bando Construction and Engineering.
Bando had announced its intention to invest US$1 billion in the UAE’s real estate projects, including retail, commercial and residential units.
“The new company will invest in projects within the UAE in the first stage, and then it will eye regional opportunities at a later stage,” NB Mena said in a statement.
Bando Construction and Engineering is a 30-year-old company which has more than 280 professionals employed in South Korea.
It builds approximately 2,000 apartments a year and has a sales turnover of more than 1.83 billion Dirham in the Far East Asian country.
“The first project for the new joint venture will be in the capital and is worth about 1.5 billion Dirhams and it will be announced soon,” said Nasser Butti Bin Yousuf, chairman of the NBB Group.
Last year Dubai Properties sold land to Bando worth $100 million, and the company is now constructing a $350 million residential, commercial and retail twin tower in the Business Bay area.
“We aim to establish our hold here, but are also considering opportunities throughout the region,” Hong-Sa Kwon, the company’s chairman, said in a statement.