His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai, has given the directives for the establishment of a private joint stock company with an initial capital of Dh1 billion.

Shaikh Ahmed bin Saeed Al Maktoum, President, Dubai Department of Civil Aviation and Chairman of Emirates Group, will head the new company named Deira Investment. Major General Rashid Al Fattan and Abdullah Ahmed Al Habbai have been appointed as the new company’s board chairman and deputy board chairman respectively.

Moreover, two representatives from the Dubai Government Investment Corporation and Noor Bank, will also serve on the new company’s board.

Bilateral agreement signed: Meanwhile, a bilateral agreement has been signed here yesterday between the newly established firm and South Korea’s Sungwong company.

Based on the agreement, the two firms would jointly execute a giant real estate and tourism project in Dubai at an initial cost of about $5 billion. Shaikh Ahmed bin Saeed Al Maktoum, signed for Deira Investment, while President of Sungwon Yoon-Soo Jeon signed for his side.

Earlier, Shaikh Ahmed and Major General Al Fattan toured a number of projects being executed by Sungwon in the South Korean capital to familiarise themselves with the building models of the Korean company.