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
HTEC Momentum Extends Award-Winning UX Track Record with Two UX Design Awards Honors3.9.2026 15:18:00 EEST | Press release
HTEC Momentum, the product and design practice within HTEC Group, has earned honors at the UX Design Awards 2026 for its work with Zingtree and the National Society Daughters of the American Revolution (DAR). Presented by the International Design Center Berlin (IDZ), the global competition celebrates excellence in user experience design across industries, with the 2026 shortlist including 195 projects across 46 countries. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903181166/en/ HTEC Momentum, the product and design practice within HTEC Group, has earned honors at the UX Design Awards 2026 for its work with Zingtree and the National Society Daughters of the American Revolution (DAR). Presented by the International Design Center Berlin (IDZ), the global competition celebrates excellence in user experience design across industries, with the 2026 shortlist including 195 projects across 46 countries. Honored in the product
Former SADA Executive Lusine Yeghiazaryan Joins Picsart as CFO to Drive AI-Native Video Growth Strategy3.9.2026 15:00:00 EEST | Press release
Picsart, the AI media production and distribution platform, where 100M+ creators and businesses worldwide make, market and monetize content, today announced the appointment of Lusine Yeghiazaryan as Chief Financial Officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903569581/en/ Picsart, the AI media production and distribution platform, where 100M+ creators and businesses worldwide make, market and monetize content, today announced the appointment of Lusine Yeghiazaryan as Chief Financial Officer. Yeghiazaryan joins Picsart at a pivotal chapter in its evolution, as the company expands beyond its roots as a leading creative platform to build a video-first, AI-powered production ecosystem. Already in motion, Picsart users created over 1.1B AI videos and images since launch, with YTD AI usage up 270% year over year - underscoring the company’s accelerating push to capture a larger share of the fast-growing AI content m
NetApp and AWS Accelerate Storage Migrations with AWS Transform3.9.2026 15:00:00 EEST | Press release
NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, and Amazon Web Services (AWS) today announced that AWS Transform now supports Amazon FSx for NetApp ONTAP, making it even easier for enterprises to move applications and data to AWS. AWS Transform is an agentic AI service that automates the discovery, planning, and migration of workloads to the cloud. Now generally available, customers can use AWS Transform to migrate attached storage from their on-premises and cloud estates directly to Amazon FSx for ONTAP. “Cloud migration projects often take longer and cost more than expected because customers have to move applications, servers, networking, and storage separately,” said Pravjit Tiwana, Senior Vice President and General Manager, Cloud Storage and Services at NetApp. “With AWS Transform and Amazon FSx for NetApp ONTAP, customers can simplify that process, reduce migration risk, and move to AWS faster without changing how their applications operate.” Amazon FSx for Ne
Hitachi Expands HMAX to Accelerate the Deployment of Physical AI3.9.2026 15:00:00 EEST | Press release
Hitachi, Ltd. ("Hitachi") today announced the expansion of HMAX by Hitachi ("HMAX")*, a next-generation suite of solutions that brings the power of AI to social infrastructure. The HMAX portfolio consists of Domain-Specific Solutions tailored to industries and business operations, as well as a set of foundry solutions that span across domains. As part of this expansion, HMAX Data Center has been added as a Domain-Specific Solution for data center operators. Additionally, HMAX Cyber, HMAX Data Fabric, and HMAX AI Operations are being introduced as foundry solutions that support not only Physical AI initiatives within HMAX but also integrate and support enterprises' existing systems across different domains and environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903046122/en/ HMAX Solutions Portfolio Overview Today, social infrastructure operators face growing challenges as the number and complexity of facilities a
MultiBank Group Named Most Regulated Global Financial Derivatives Institution.3.9.2026 14:47:00 EEST | Press release
MultiBank Group has won the Most Regulated Global Financial Derivatives Institution Award at Money Expo India 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260903046526/en/ MultiBank Group has won the Most Regulated Global Financial Derivatives Institution Award at Money Expo India 2026. The award highlights MultiBank Group’s strong global regulatory framework as it holds more than 18 regulatory licences across five continents, including the Australian Securities and Investments Commission (ASIC), the German Federal Financial Supervisory Authority (BaFin), the Cyprus Securities and Exchange Commission (CySEC), the UAE’s Capital Market Authority (CMA), reflecting its longstanding commitment to governance, compliance and transparency. The latest recognition adds to MultiBank Group’s growing award portfolio of more than 80 international industry awards, spanning areas including financial services, trading technology, reg
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