New UAE developer Source of Fate launches with $2.7bn pipeline in Dubai, Ras Al Khaimah

The firm is aiming to construct residential communities across five projects over the next 12 months.

An independent luxury developer called Source of Fate is launching in Dubai with a near AED 10 billion ($2.7 billion) pipeline in new developments.

The firm is part of Dubai-based conglomerate Wheel of Fate, and will provide full funding for their pipeline of developments, “guaranteeing delivery, supporting its aim to build positive, sustainable and friendly communities in the UAE,” according to a release seen by Arabian Business.

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Source of Fate’s new ventures

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So far, Source of Fate has confirmed that it’s five new projects would include two residential developments in premium Dubai locations, along with three residential projects on Al Marjan Island in Ras Al Khaimah. Prices have been skyrocketing on Al Marjan Island since the announcement that Wynn would be opening the UAE’s first gaming resort.

Source of Fate is being led by Dr Majid Jack Hsiung, who boasts over 20 years of property experience across residential, retail, office and leisure projects throughout the Middle East and Asia.

“We are crafting elegant living communities with a focus on premium luxury, sustainability and wellness. We are deeply committed to providing lasting value and enriching the overall quality of real estate across the UAE. Our upcoming projects will launch off-plan sales to brokers, real estate investors and prospective homeowners over the coming months,” Hsiung said in a statement.

Source of Fate has appointed global real estate consultancy Savills as an expert advisor, with plans to launch its first projects “in a matter of weeks.”