Al Nasr Club announced yesterday the launch of a new investment project worth AED 300 million, the second phase of the development of Al Nasr Club facilities, which includes four commercial and residential buildings spanning 10 floors. The buildings are linked together through a common podium and ground floor. For shops.
This came during a press conference held at the headquarters of Al Nasr Club in Oud Metha, and was attended by Vice Chairman Ahmed Khoury, who stressed that «Al Nasr Club continues its efforts in self-reliance, and is preparing to stop government support in 2023».
The conference was also attended by Chairman of Al Nasr Investment Club, Finance Manager Ibrahim Al Fardan, Chairman of Golden Square Engineering Consultants, Munther Al Ali, CEO of Al Ashram Contracting Company, Muhannad Al Ashram, among others.
The project, which is being built at the club's Oud Metha headquarters in Dubai, is expected to have a market capitalization of AED 400 million, following completion in 2022.
Khoury said: «We announce a new project in a prime location, after we announced previously (Al Khawaneej Mall), and residential buildings, to confirm the Nasr Investment Company is ready and its permanent work to provide special support for the club».
Ibrahim Al Fardan told Emirates Today: “We are seeking self-sufficiency, which is certainly difficult, but when the Dubai Sports Council announced that it stopped subsidizing Dubai clubs in 2023, it was smart to push the clubs to provide their sources of income. This new project enhances the investment portfolio of the club, which also includes (Al Khawaneej Mall) worth 300 million, in addition to a real estate project announced for 100 million dirhams, all of which are real estate projects that provide self-income, but this will remain difficult Without legalizing professionalism ».
He added: «It is not permissible to build a residential building to bring income to the club worth 10 million dirhams annually, and a foreign player comes to get the full 10 million dirhams, and may be an alternative player». He continued: «We need urgent intervention in order to work to control the professionalization and codification, and this will only happen through the urgent intervention by the National Council, I think, being responsible in order to control this great waste of funds».
He continued: «Victory was a race in many real estate projects, and significantly strengthened his efforts in providing private income for the club, and reduce dependence on government support, as confirmed by projects such as« Legerland », the French school, and many residential buildings have provided income for the club over the years In the past, we will continue with the club's self-support plan in the coming period with a number of our strategic partners. ”
Al Fardan revealed another investment project on the way. “There will be a new club project in the Jebel Ali area for the club, which will further support our efforts to support the club's private income in the coming period,” he said.
Ahmed Khoury:
• «Victory Club continues its efforts in self-reliance, and is preparing to stop government support in 2023».