Latest news with #Diwani
Mint
5 days ago
- Business
- Mint
Global firms Hines, Sumitomo form joint venture for Mumbai luxury condo project
Bengaluru: US-based global developer and investment manager Hines and Japan's Sumitomo Corp. have entered into a joint venture for a luxury condominium project in the high-value Mumbai property market. In India, this project marks Hines' entry into the Mumbai residential market as a developer, Amit Diwan, senior managing director and head of India at Hines, said. The project, which will be developed in suburban Mumbai's Powai locality, is yet to be launched. Hines is the developer and equity investor in the project and manages day-to-day development activities in collaboration with Sumitomo, which is also an equity investor. Read more: DLF's Q1 launches to set the tone for FY26 pre-sales trajectory Hines expands Mumbai footprint Last week, Hines and Kanakia Group said they have struck an alliance to develop an office project on a 3-acre land parcel near the business district Bandra Kurla Complex (BKC) with a total investment of around ₹3,000 crore. Sumitomo and Japanese real estate firm Mitsubishi Estate Co. Ltd are also partners in the project. Hines is the lead developer and equity investor along with the two Japanese entities, while Kanakia is the land partner. 'The living sector is a high-conviction theme for Hines globally. In Powai, we will bring international-standard homes in a well-established yet supply-constrained micro-market. This development reflects our long-term commitment to Mumbai and our ambition to grow via investments and developments across India," Diwani told Mint. The Powai residential project is a 3.4-acre lake-facing gated community, with six 20-storey towers comprising 321 units. Hines didn't disclose the investment in the project. Besides the new Powai and Kalina projects, Hines also has an ongoing 1 million sq. ft office and retail development in suburban Mumbai's Borivali area. Powai is a premium residential location known for its commercial office supply. The most prominent development in the suburb is Hiranandani Group's flagship integrated township, Hiranandani Gardens. In 2017, the developer sold its offices and retail space in Powai to Brookfield Asset Management for around $1 billion in one of the largest commercial realty deals in the sector. Read more: Close to its Navi Mumbai airport, Adani is building a jumbo township "Powai has established itself as an institutional-grade micro market within the Mumbai Metropolitan Region. With a thriving tenant mix across IT, banking and financial services, and emerging tech, steady rental yields, and limited new supply, it offers long-term value visibility for both domestic and offshore investors," Nishant Kabra, head–Land & Capital Markets (North and West) India, JLL. 'Developers view Powai as a rare urban precinct that offers both scale and sustained demand. Its evolution into a mixed-use hub is driven by integrated planning, premium developments, and strong occupier traction," Kabra added. Since establishing its presence in India in 2006, Hines has expanded its portfolio to 13 live projects across the office and residential sectors, in addition to completed or exited projects. It now operates in Delhi-National Capital Region (NCR), Mumbai, Bengaluru, Pune and Ahmedabad.
FACT
28-03-2025
- Business
- FACT
UAE defines the Dirham with a new symbol
The rollout includes one for the digital format as well. The UAE has always been at the forefront of breaking news. With tons happening across the region — in all the sectors — it's always a step ahead. Now, it's taken a significant step and introduced an official symbol for its currency, the dirham. For years, the Emirati Dirham was represented as AED, Dhs or د.إ, in Arabic. But now, the Central Bank of the UAE (CBUAE) unveiled the new Dirham symbol in both its physical and digital forms. The design of the new Dirham symbol pays tribute to Arabic calligraphy. The pointed curves are inspired by traditional scripts like Thuluth and Diwani, making it as authentic and close to home as possible. Designed to represent financial stability and modernity, the symbol is derived from the English letter 'D' and incorporates two horizontal lines. But that's not all. The Central Bank of the UAE has also launched the symbol for the Digital Dirham. Encircled around the regular Dirham symbol, the design reflects a digital token — similar to what you might have seen on other forms of cryptocurrencies. Featuring colours of the UAE flag, the digital symbol blends national identity with modern technology. This news comes only weeks after Saudi Arabia introduced a symbol for its currency, the Saudi Riyal, making it the first country in the Middle East to do so. And now, with the rollout of the new symbol, the UAE aims to enhance the Dirham's recognition in international markets as well. Expect to see the symbol integrated across banking systems, financial reports, exchange platforms and daily transactions soon. The #CentralBankUAE (CBUAE) today unveiled the new symbol for the UAE's national currency, the "Dirham", in a move that embodies the vision of the wise leadership, and the directives and ongoing support of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy… — Central Bank of the UAE (@centralbankuae) March 27, 2025 Details on when the Dirham symbol will officially appear on keyboards remain under wraps. But with both Saudi Arabia and the UAE now having their own currency symbols, could this inspire other Middle Eastern nations to follow suit? We'll have to wait to find out. GO: Visit for more information.
