Building on a shared vision to elevate luxury living in Dubai, this first partnership will leverage Palace Group’s extensive experience of over 25 years
Abu Ghazaleh Investments (AGI), a family-owned investment company based in Dubai, and ultra-prime developer Palace Group have formed a joint venture partnership to acquire a coveted site on the banks of the Dubai Water Canal. The sought-after location spans 185,339 sq ft, with a maximum allowable GFA of approximately 705,000 sq ft.
Advancing on a collective ambition to shape the future of refined Dubai living, the inaugural partnership will build on Palace Group’s track record spanning 25+ years of developing distinctive properties within the region’s most exclusive communities, coupled with AGI’s expertise and continued return on investment across its diversified global portfolio.
Positioned in the prestigious Jumeirah area, on the south side of the Dubai Water Canal and adjacent to Sheikh Zayed Road, the newly acquired site will see plans for a residential-led, mixed-use development that will bring a new, sophisticated approach to this market segment. Striving to create the finest residences, the iconic project promises to deliver a lifestyle of unparalleled luxury that will leave a lasting legacy in the region. The soon-to-be-released address will sit alongside other upscale developments such as Four Seasons Private Residences, Muraba Veil, and more, solidifying its position as one of the most exclusive and fast-transforming neighbourhoods within the UAE’s real estate landscape.
Amir Abu Ghazaleh, Chairman and Founder of AGI, commented: “Dubai continues to be one of the most resilient growth markets in the world and Dubai Water Canal, in particular, is recognized as one of the most desirable locations for prime real estate. With our partners at Palace Group, we saw an opportunity
to enter a strategic joint venture and make a transformative investment in the region. We look forward to revealing further details in due course.”
Mohammed Abu Ghazaleh, Managing Director of AGI, commented: “We are delighted to be embarking on this enterprise with Palace Group, one of the most trusted developers and construction companies in the UAE. As one of the largest and most significant development opportunities along the canal, we are poised to unlock the potential of this iconic site and establish the next ultra-luxury residential landmark in one of the region’s most sought-after locations.”
Wissam Damaa, Founder and CEO of Palace Group, added: “This project comes within the context of Palace Group’s expansion plan. Our joint venture with AGI is based on the common vision to acquire and develop first-class projects that push the boundaries of design and offer living experiences yet to be attained in the market.”
