RP Group plans to invest $1.5 billion in Dubai's realty sector

DUBAI: The diversified R P ( Ravi Pillai) Group plans to deploy USD 1.5 billion (5.5 billion dirhams) on real estate development in Dubai, says a media report.

It is the first time the USD 3 billion plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now, the Gulf News report said.

The Group is targeting real estate as contributing 10 per cent of overall turnover before the end of the decade.

In India, the Group has recently built up a property portfolio, but principally in hospitality and through management contracts with Leela Group and ITC Hotels.

According to the report, during this period, the group turnover is projected to grow in the range of 5-10 per cent.

The Group's founder and chairman Ravi Pillai told the newspaper from its headquarters in Bahrain that a 3 million square feet project in Dubai will have serviced apartments, residences and a dedicated retail precinct as well as a five-star hotel.

Others include a five-star hotel in Dubai Marina to be operated by Crowne Plaza, a four-star hotel in Bur Dubai to be managed by India's ITC Group; and a serviced apartment complex near Downtown Dubai, the report added.