Dubai’s Fortune Group will invest a total of €2 billion in housing developments and shopping areas, according to a statement to Business Standard by Roxana Costea, General Manager for Romania of the Arab company.
“The projects are located in the Black Sea area and Transylvania. These are the first foreign investments of the Fortune Group,” added Roxana Costea. The projects will be officially presented in late January.

The first investment will be in southeastern Romania and will comprise a housing development, a shopping area, a five-star hotel, and a deluxe spa.

“We are determined to enter the European market with a major project, because the learning process of a developer is independent of the project’s magnitude. We prefer an important project rather than to invest in small projects. The decision to invest in Romania was made following a two-year study of market conditions here,” said Syed Mohammad Ali, CEO of Fortune Group.

The second project, located in Transylvania’s mountain region, will be a residential complex with golf courses and ski slopes. Both projects are being developed in partnership with local Sadek Arhitects, and target investors from Great Britain, Italy, France, but also Dubai and the Persian Gulf area.

Investments by Middle Eastern companies reached €4 billion in 2007 and are expected to amount to €10 bln in 2009-2010.

The Fortune Group was founded ten years ago by the Hanif family. Total investments amount to €1.9 bln.