Company to Develop 300 Apartments in Sobha Hartland
MONTREAL, July 14th, 2015 — ROI Land Investments Ltd. (OTCQB: ROII) (“ROI” or the “Company”), a diversified real estate land development investment company, announced today that it has entered into a binding memorandum of understanding (“MOU”) with PNC Investments LLC (“PNC”), a Dubai-based developer. This agreement will enable ROI to purchase three prime plots of land in Sobha Hartland, a $4 billion mixed-use project located in the heart of Dubai that PNC’s wholly-owned subsidiary Sobha LLC (“Sobha”) is developing. The plots with total 433,125 square feet of gross floor area will be used to develop 300 apartments in three eight-story buildings. The agreement represents ROI’s first venture in the Middle East.
“We are excited to partner with Sobha to provide high-quality housing in one of the most vibrant and dynamic cities in the Middle East,” said Sami B. Chaouch, Chairman of ROI. “The Dubai project will expand and diversify ROI’s geographic reach, a key element of our strategy as we seek development opportunities in locations that boast favorable demographics and strong economic growth. With its modern infrastructure, business-friendly environment, multi-lingual human capital and easy access to Western Europe and East Asia, Dubai meets all the criteria we look for in a potential new market.”
Centrally located in the Mohammed Bin Rashid Al Maktoum City, Sobha Hartland covers eight million square feet and contains villas, apartments, two international schools, retail and office space, hotels, spas and entertainment venues. More than 30% of the project is dedicated to open areas and lush green space. The project is just three kilometers from the world’s tallest building, Burj Khalifa, the largest shopping mall, The Dubai Mall, and is in the vicinity of multiple other recognizable landmarks. ROI’s plots are extremely well located within Sobha Hartland, with full views of the world famous Dubai’s skyline overlooking a lush green parkland.
About Sobha LLC
Founded in 1976, Sobha LLC is a fully backward integrated, multinational, multi-product real estate developer. Its developments in the Middle East and Asia employ over 28,000 people and a cover over 240 million square feet. It has developed more than 75 million square feet across 450 projects in these areas.
About ROI Land Investments Ltd.
ROI Land Investments, Ltd. (“ROI”) is a diversified real estate investment company specializing in land development. ROI’s business model consists of acquiring attractive land developments free of zoning restrictions, obtaining the necessary development permits, outsourcing the development of the infrastructure and profiting from the sale of the subdivided land units to known large regional developers.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial conditions or results of operations; (iii): the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may”, “would”, “will”, “expect”, “estimate”, “anticipate”, “believe”, “intend”, and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements, as a result of various factors including the risk disclosed in the company’s statements and reports filed with the US Securities & Exchange Commission. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.