SALT LAKE CITY, UT / 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.
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.
Eric Montandon - CEO
Tel: +971 50 553 2590
SOURCE: Infrastructure Developments Corporation
Release ID: 39410