Metropolitan Premium Properties and Mallorca Properties close Dubai’s biggest residential land transaction for AED 690M
8.12.2022 17:50:00 EET | Business Wire | Press release
Metropolitan Premium Properties (MPP) – a full-service real estate agency and the Metropolitan Group’s flagship property company, together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date – an AED 690M (USD 187.6M) deal for three plots at Dubai Marina.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221208005588/en/
Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group (Photo: AETOSWire)
The built-up area of the transaction is over 1.7 million sq. ft. and the total seafront plot is over 100,000 sq. ft. directly on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots which were sold to a leading Dubai-based real estate developer.
Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group has sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory who represented the buyer.
“There are only a handful of seafront plots available in all prime Dubai neighbourhoods and they are completely off the market. We are glad to play such a pivotal role in adding such a flagship development to the iconic Dubai skyline,” said Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group. “We are currently witnessing a massive demand from international developers to expand their operations in Dubai market. Most of these multinationals are after prime plots to develop high-end luxurious projects.”
Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory said: “This deal further reaffirms Dubai’s leading positioning as a destination for prime plots and properties. We continue to work with an exclusive selection of high-net-worth clients and remain their trusted property advisor throughout the transaction process.”
Metropolitan Group launched its Institutional Sales division in May this year which is exclusively focused on transactions involving buildings, plots and income generating trophy assets. In parallel, Mallorca Properties has a strong track record of strategic transactions and is primarily focused on commercial investment opportunities.
Notes to the Editor
About Metropolitan Premium Properties
Metropolitan Premium Properties (MPP) is the Metropolitan Group’s flagship property company based in Dubai. It is a full-service real estate agency offering customized solutions to developers, owners and investors who are looking to maximize value from their luxury real estate assets. MPP offers a complete real estate solution under one roof and has the UAE's largest premium property portfolio.
About Mallorca Properties
A Family-owned multi-award-winning boutique real estate investment advisory with the clear goal of being a niche service provider and focused on big ticket commercial opportunities.
*Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221208005588/en/
Contact information
For further information, please contact:
Lejo Johnny
Leidar MENA
Tel: 0097148170394, Cell: 00971504537023
Email: lejo.johnny@leidar.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Future Health and Bridge for Billions to Launch Programme Strengthening Health Entrepreneurship in Emerging Markets21.10.2026 18:50:00 EEST | Press release
Future Health – A Global Initiative by Abu Dhabi and Bridge for Billions will launch a new entrepreneurship programme designed to strengthen promising health ventures in emerging markets and help locally-developed solutions reach more people. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261021719421/en/ The first phase of the programme will target around 50 entrepreneurs leading late-incubation to early-acceleration ventures in Africa and Asia. Emerging markets are home to significant health needs and entrepreneurial potential, yet many promising ventures can struggle to access the capital, specialist guidance, and health-system connections required to grow. WIPO’s Global Innovation Index 2024 reported that Latin America and Africa together accounted for around 3% of global venture-capital deals in the first half of 2024, while venture-capital values fell by 19% in Asia-Pacific and 80% in Africa. At the same time, entrepre
Hephaestus Exits Stealth Having Raised $17.2M to Supply Rare-Earth-Free HTS Superconductors and Build Low-Cost Fusion Power21.10.2026 17:48:00 EEST | Press release
Hephaestus today emerged from stealth with solutions that address two of the largest cost drivers in fusion power: the high temperature superconducting (HTS) magnets that confine the plasma, and the edge-localized modes (ELMs – major plasma instabilities) that drive up the cost and complexity of conventional reactor designs. The company also announced the close of a new funding round led by CiRi Ventures. Hephaestus was founded in London in 2019 with a single mission – to help make fusion energy cheap enough to compete on the grid. Its AI plasma solver initially swept the full space of tokamak design parameters, unconstrained by the legacy designs and materials much of the industry is already committed to, and identified negative triangularity (NT), which inverts the D-shaped plasma used in most tokamaks, as the most likely configuration for low-cost fusion energy. Subsequent results from facilities worldwide, including the DIII-D, JET, and SMART, have shown that NT can deliver strong
New TOURISE and LIONS Advisory Study Reveals How Creativity Creates a Commercial Advantage for Destination Growth21.10.2026 17:27:00 EEST | Press release
TOURISE, the world’s premier platform for shaping the future of global tourism, today released IDEAS That Travel, a new report developed in collaboration with LIONS Advisory. The study finds that while travel demand is rising, tourism brands are competing for attention in a more fragmented, socially driven and AI-mediated environment, where visibility alone is no longer enough to secure preference and growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261021160141/en/ “Travelers are discovering destinations earlier and through more channels than ever, from social feeds and creators to communities and AI tools. That raises the bar for tourism brands. Creativity, distinctiveness and trust are becoming central to how destinations earn attention, build preference and remain relevant across the entire traveler journey,” said His Excellency Ahmed Al Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TOURISE. IDEAS Th
DEWA International Signs 4 MoUs With Global Partners During WETEX 202621.10.2026 17:12:00 EEST | Press release
DEWA International signed four memorandums of understanding (MoUs) with leading global entities during the Water, Energy, Technology and Environment Exhibition (WETEX 2026). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261021351329/en/ DEWA International signs 4 MoUs with global partners during WETEX 2026 (Photo: AETOSWire) HE Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA) and Chairman of DEWA International, said: “We are committed to building strategic partnerships with leading international institutions that possess extensive expertise in developing and implementing energy, water and infrastructure projects, while exploring future collaboration opportunities across key sectors. Through these MoUs, we aim to exchange knowledge and expertise and leverage best practices and advanced technologies. These efforts will help accelerate the transition to clean energy, enhance the resilience and ef
Picsart Launches Marketing Studio to Help Businesses Create, Test and Run Google Ads21.10.2026 17:03:00 EEST | Press release
Picsart, the AI media production and distribution platform, where 100M+ creators and businesses worldwide make, market and monetize content, today launched Marketing Studio, bringing content creation, advertising strategy, creative testing and paid distribution into one connected experience. Available now, Marketing Studio combines market insights from Zappi with a Google Ads integration that lets businesses create and launch campaigns directly within Picsart. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261021274792/en/ Picsart, the AI Media Production Platform launches Marketing Studio - bringing content creation, advertising strategy, creative testing and paid distribution into one guided space. The new function includes hero partnerships with Google Ads and Zappi. Built primarily for solopreneurs and small-business owners with limited marketing expertise, Marketing Studio helps answer four questions: where to invest, w
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom