IDVC to Acquire Dubai-Based Real Estate Brokerage

IDVC to Acquire Dubai-Based Real Estate Brokerage

Posted: Updated:

SALT LAKE CITY, UT / ACCESSWIRE / April 4, 2014 -Infrastructure Developments Corporation (“IDVC” – OTCQB: IDVC) announced today that it has agreed to acquire the assets, business, and operations of Orbis Real Estate (“Orbis”), an established Real Estate Brokerage based in Dubai, United Arab Emirates. The transaction involves issuance of common shares from IDVC’s treasury in return for full control of Orbis’ business. The transaction is expected to close in May 2014.

“Developed property in Dubai is in a sustainable boom, and the market is very liquid,” explained IDVC CEO Eric Montandon.  ”Dubai’s real estate brokerage houses generated commissions totaling 1.8 billion UAE Dirhams [$490 million] in 2013, and this figure is growing.  With one of the world’s fastest growing populations, and 90,000 new residential units to be completed by 2018, there’s an enormous amount of business to be done.”

Orbis is fully licensed by Dubai’s Real Estate Regulatory Authority, and operates out of a centrally located office in the TECOM complex adjacent to Dubai Media City and Dubai Internet City.  Orbis currently has a staff of seven multilingual brokers. 

“Orbis has a very impressive operation,” continued Montandon.  ”Their office location is ideal. The IT support systems are state of the art, and the staff has many years of experience.  We won’t be changing what they’re doing, but we intend to assist them in expanding their current staff and capability and developing a regional and even global reach.  We want to assist in expansion in order to capture a good percentage of the market growth expected in the years leading up to the World Expo 2020 being hosted by Dubai.”

Orbis will operate as a consolidated subsidiary of IDVC, and current Operations Manager Sagar Joseph will continue in his position.  ”Being part of a publicly listed international company gives us an edge over other small, locally operated brokerage houses,” said Joseph. “Credibility is a major issue in this business and we are pleased to become part of a larger organization with a broad international presence.”     

Infrastructure Developments Corporation:
IDVC is a U.S. publicly listed project management and engineering firm, headquartered in the United States. Primary operations are conducted through subsidiary Interspec International, Inc., in the Middle East, Africa, Asia, and Oceania.  IDVC’s mission is to bring world-class execution to the international construction and project management industry and to expand into selected complementary businesses in high-growth international markets.

Forward-Looking Statements:
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including the Company’s development, competitive market conditions, and its prospects for securing additional sources of financing as required. The actual results that the Company may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. The Company encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. The Company’s public filings may be viewed at www.sec.gov.

Contact:

Eric Montandon – CEO
Tel: +971 50 553 2590
eric@idvc.us
www.idvc.us

SOURCE: Infrastructure Developments Corporation

ReleaseID: 413988

  • Most Popular StoriesMost Popular StoriesMore>>

  • Got Solar? Utility looking to place solar panels on a home near you

    Got Solar? Utility looking to place solar panels on a home near you

    Arizona's top utility company is looking to place solar panels on 3,000 homes; at no cost to the homeownerArizona Public Service announced that they plan on placing these panels on residents homes and in turn for the usage of their roofs the utility company will give them a $30 discount on their monthly bill for the next 20 years. If approved by regulators APS will spend anywhere from 50 to 70 million in project costs. This new initiative will help the utility giant meets it's mandatory alter...More >>
    Arizona's top utility company is looking to place solar panels on 3,000 homes; at no cost to the homeownerArizona Public Service announced that they plan on placing these panels on residents homes and in turn for the usage of their roofs the utility company will give them a $30 discount on their monthly bill for the next 20 years. If approved by regulators APS will spend anywhere from 50 to 70 million in project costs. This new initiative will help the utility giant meets it's mandatory alter...More >>
  • Coming soon...Wal-Mart

    Coming soon...Wal-Mart

    On Wednesday the Yuma City Council voted to change the zoning designation on the proposed land acquired by Wal-Mart. The property located near the intersection of Avenue B and 8th Street was the home of a mobile home park as zones for residential use; the new designation changes that to mixed which will allow the new store to move in to the property. The new store will be the fifth Wal-Mart for Yuma County.More >>
    On Wednesday the Yuma City Council voted to change the zoning designation on the proposed land acquired by Wal-Mart. The property located near the intersection of Avenue B and 8th Street was the home of a mobile home park as zones for residential use; the new designation changes that to mixed which will allow the new store to move in to the property. The new store will be the fifth Wal-Mart for Yuma County.More >>
  • National

    Obama warns of delay in social sec. checks and veteran's benefits

    Obama warns of delay in social sec. checks and veteran's benefits

    Web Producer: Lucy Valencia, Assignment Desk Editor WASHINGTON (AP) -- Declaring "we are not a deadbeat nation," President Obama warned on Monday that Social Security checks and veterans' benefits willMore >>
    Declaring "we are not a deadbeat nation," President Obama warned on Monday that Social Security checks and veterans' benefits will be delayed if congressional Republicans fail to increase the government's borrowing authority in a looming showdown over the nation's debt and spending.More >>
  • Yuma woman charged with hindering prosecution of murder suspect

    Yuma woman charged with hindering prosecution of murder suspect

    YUMA, AZ- Another woman is charged with hindering prosecution of a murder suspect in the death of a Yuma man. Regina Garcia went before Judge Gregory Stewart in Yuma Justice Court Thursday afternoon.More >>
    Another woman is charged with hindering prosecution of a murder suspect in the death of a Yuma man.More >>
  • Crime Watch

    Police investigating dead body found in parked car

    Police investigating dead body found in parked car

    YUMA, Ariz. (13 On Your Side) - Yuma police say a dead woman was found in a car parked at Food City on 8th Street on Tuesday night, at around 6:20 p.m. Police are investigating her cause of death andMore >>
    Yuma police are investigating the death of a woman who was found in a parked car Tuesday night.More >>
  • Plane crashes in San Diego parking lot; 1 dead

    Plane crashes in San Diego parking lot; 1 dead

    Thursday, July 31 2014 1:36 AM EDT2014-07-31 05:36:29 GMT
    A small plane crashed in a San Diego shopping center parking lot Wednesday, killing an 80-year-old woman who was the lone passenger and injuring the pilot, authorities said.More >>
    A small plane crashed in a San Diego shopping center parking lot Wednesday, killing an 80-year-old woman who was the lone passenger and injuring the pilot, authorities said.More >>
  • Man on FBI's Most Wanted list in custody

    Man on FBI's Most Wanted list in custody

    Wednesday, July 30 2014 11:17 PM EDT2014-07-31 03:17:05 GMT
    A man on the FBI's Ten Most Wanted Fugitives list in connection with a 2008 rape and homicide has been captured and brought to Louisiana, where the crime took place.More >>
    A man on the FBI's Ten Most Wanted Fugitives list in connection with a 2008 rape and homicide has been captured and brought to Louisiana, where the crime took place.More >>
  • Out with the old...

    Out with the old...

    It has been a staple in the Yuma community since the early 70's and the place to meet for the young and old alike. The Southgate Mall now sits on broken asphalt and bares the scares of more than 40 years; decades being passed from owner to owner and now it's set to be torn down to make way for a new more improved shopping center. Today the building has been stripped from within to make way for demolition equipment to tear down the center portion of the mall. Stores like Sear, Burlington and t...More >>
    It has been a staple in the Yuma community since the early 70's and the place to meet for the young and old alike. The Southgate Mall now sits on broken asphalt and bares the scares of more than 40 years; decades being passed from owner to owner and now it's set to be torn down to make way for a new more improved shopping center. Today the building has been stripped from within to make way for demolition equipment to tear down the center portion of the mall. Stores like Sear, Burlington and t...More >>