By Akanimo SampsonLootah Real Estate and Development (LRED), a Dubai-based real estate firm, is looking to tap the “senior living segment” in Dubai.
CEO of LRED, Raja Alameddine, told Construction Weekin an interview, “one of the segments that we are heavily exploring is the senior living segment. With the retirement visa that was announced last year, we are becoming really interested and backing this segment.”Last year in September, UAE announced its new retirement visa initiative to allow and encourage expats to settle and remain in the UAE post the retirement age. The initiative offers resident expatriates and foreigners aged 55 and above an opportunity to retire in the Emirates. As part of the programme, eligible applicants will be provided a retirement visa, renewable every five years.
The new scheme was unveiled under the directive of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Alameddine believed that there could be “a target of investors who would be interested in this segment”. “We could choose between the assisted or unassisted living. That will mainly target people between the age of 55 to 60 and above, who are looking for a retirement community,” he explained.
He continued: “I know there is a lot of competition in Dubai because the city is a fantastic place to retire, but even then having access and presence of such retirement communities is a real challenge. However, you can create a tailor-made community that addresses few things, where we can put every essential amenity in the same place.”
The CEO further stressed: “As we speak, we are working on a senior living community, which is currently in the initiation phase.”
“The project will be in Dubai and we are targeting the area in Dubai Healthcare City. This because you want to be around healthcare facilities when you think of establishing a senior living community,” he concluded.
LRED is also looking at venturing into Saudi Arabia, as part of its footprint expansion. To read more about its plans, read this story.
