Global Sphere finance in Vietnam for USD 1,075,000,000.00 during month of June 2012
The company plans to build about 70 residential towers in the area, which dubbed as “Hanoi Wall Street”. The mega real estate project in Vietnam will have a complete city services covering an area of 35 square kilometres.
“The project is an integrated community with a total estimated value of $30 billion. The first phase valuing $10 billion expected to be completed by 2020,” Global Sphere chairman Dr Abdullah Al Sayegh said in a statement.
Dr Al Sayegh said the project, which lies only four kilometres away from the airport, is the largest of a UAE-based company in the Republic of Vietnam.
The chairman mentioned that the investment opportunities in developing countries are promising. The project is expected to be completed by 2030, he added.
The engineering plan for the project resembles Downtown Dubai, he said, adding that the project will accommodate between 300,000 to 400,000 residents after the completion. A UAE engineering firm NEXT carried out consultancy for Global Sphere.
Established more than 10 years ago in Dubai, Global Sphere is associated with all European and American companies arranging funds for large projects to commercial companies or governments to build large projects in different fields including construction and oil sector.
“The Global Sphere is a port for the entry of many UAE companies to Vietnamese market because the implementation is entirely self-funded,” said Al Sayegh.
“All the company’s projects are development and investment projects. They were carefully followed proactively by the embassies of both countries carried out frequent visits,” he added.
In addition to the Arab region projects, Global Sphere aims at setting up projects in future in many countries under development in Africa and Asia, according to the chairman.
He said the company enters as a partner in the project provides funding ranging between 80 per cent and 100 per cent of the required value of the project whereas profit-sharing and retrieval is case-by-case arrangement based on the negotiations of parties involved.
“We as a company are ready to provide the necessary funding within and outside the UAE on the basis of negotiations with potential partners,” he added.
Al Sayegh added that this project is the first of the company’s business in Vietnam, but involving a number of contracts including projects for the production of solar energy to be carried out in partnership with the Worldtech Corporation, while the other remaining projects went to many different companies within the Republic of Vietnam.
Among the projects financed by Global Sphere connected to the “infrastructural sector” such as construction of roads, electronics sector and technical solutions.
http://www.khaleejtimes.com/article/20130203/ARTICLE/302039826/1037
