In Dubai, it’s called the “dubai bubble,” and the latest sign of the city’s rise to global prominence came last week when a group of investors and techies signed an agreement to acquire the property for $500 million.
The deal is worth about $1.5 billion, according to a Reuters report.
The $500-million investment will be divided among three partners: American investors, Chinese investors and a Singaporean investment fund.
Read more about Dubai bubble here:The deal, which is being overseen by the Dubai Investment Authority (DIA), was announced during a joint announcement by Dubai’s Emirati and Chinese counterparts, with the Chinese team bringing the largest stake.
The UAE, which hosts the 2022 World Cup and hosts the Dubai Olympics, is the first Asian country to host the Olympics.
The deal comes on the heels of another significant investment by an Asian firm, in January, when SoftBank agreed to buy an 18.5 percent stake in Qatar Airways, which was the first time an Asian investor had put up as much as $100 million.
A few months later, Chinese internet giant Tencent joined the party with a $500 billion buyout of Facebook, with Tencent acquiring a majority stake.
In March, DIA announced plans to launch a global office for tech firms in Dubai.
It will be led by a former DIA director, and will be based in the Emirati capital.
The company is to be run by the former Diaspora Affairs minister, and its first task will be to get Dubai’s tech industry on board.
But the plan also involves getting the country’s tech firms to participate in the DIA’s innovation hub, and then help it develop a platform for the countrys startups.
The hub will also be a platform to launch new tech companies, like Google and Twitter, that have been incubated in the country.
