NBCC Partners with Pantheon Elysee to Develop Projects in UAE

State-owned NBCC (India) Ltd has signed an initial agreement with Pantheon Elysee Real Estate Development LLC to develop projects in the United Arab Emirates (UAE). NBCC is a leading company in project management consultancy and real estate.

In a statement released on Saturday, the company announced that it has signed a broad framework Memorandum of Understanding (MoU) with Pantheon Elysee Real Estate Development LLC, a prominent real estate player based in Dubai, UAE. This partnership solidifies NBCC's commitment to strengthening its presence in the Middle East construction landscape.

The MoU was signed by Pradeep Sharma, ED (Engg) of NBCC, and Ali Abusafieh, Legal Director of Pantheon Elysee Real Estate Development LLC, in the presence of NBCC CMD K P Mahadevaswamy. Under the terms of the MoU, NBCC and Pantheon will collaborate on the execution of high-quality residential, hospitality, and mixed-use real estate projects across the UAE. The projects are expected to be worth Dh 3 billion.

This collaboration will leverage NBCC's six decades of engineering excellence and project management expertise alongside Pantheon's robust local development portfolio. NBCC has a proven track record in the region, having completed the India Pavilion in Dubai for the Dubai Expo 2020 at a cost of USD 46.8 million.

The partnership is expected to bring significant economic benefits to both countries, fostering innovation and sustainable development in the real estate sector. The UAE has been a key focus for NBCC, given its strategic location and growing real estate market. The collaboration aims to create a benchmark for high-quality, sustainable, and innovative real estate projects in the region.

NBCC's expertise in project management and engineering will be instrumental in ensuring the timely and efficient execution of these projects. Pantheon Elysee's deep understanding of the local market and regulatory environment will further enhance the project's success. Together, the two companies aim to set new standards in the real estate development sector in the UAE.

The partnership also aligns with NBCC's broader strategy to expand its global footprint and diversify its project portfolio. By collaborating with leading players like Pantheon Elysee, NBCC aims to establish itself as a preferred partner for complex and high-value real estate projects in the Middle East and beyond.

In conclusion, the MoU between NBCC and Pantheon Elysee Real Estate Development LLC marks a significant step in the company's international growth journey. It underscores NBCC's commitment to delivering world-class real estate solutions and contributing to the economic development of the UAE.