Dubai, UAE: Kleindienst Group, the UAE’s largest European property developer and creator of The Heart of Europe, announced a close partnership with the Austrian Chamber of Commerce and with the support of the UAE Embassy in Vienna to actively promote Dubai and The Heart of Europe to drive higher Foreign Direct Investment (FDI) from Austria to the UAE. In 2018, the Dubai FDI Monitor report cited Austria as one of the top source markets of FDI in Dubai and Kleindienst contributed 9.3 per cent of the total. Increased sales of second homes and completion of construction projects to prepare for tourists’ arrival on The Heart of Europe will lead to a significant contribution.

Dubai is already at the top of the travel wishlist with over 15.79 million people visiting the city, more than New York. Tourism is a key pillar of the overall economic plan with the Government targeting 20 million visitors to Dubai by 2020. It is diversifying tourist demographics by adding new attractions and experiences to broaden the appeal of Dubai including theme parks, new entertainment, dining and retail destinations, cultural attractions such as the Dubai Frame and new spectacular shows including La Perle and Rotunda. The appetite for Dubai is present and will only increase with new destinations and activities such diving and snorkelling amongst the seascapes of six islands of The Heart of Europe.

Kleindienst is focussed on the second home market and pioneering this new concept in Dubai and the region. According to its research, the potential value of this sector is upwards of USD 15 million. The Heart of Europe provides favourable returns for investors that are written into its contracts, offering guaranteed return on investment in 12 years; strong capital appreciation, and a rental yield from 8 – 10 per cent, higher than the UAE’s average of 5.19%1 as well as the international average short-let yield2. Phase One of this iconic destination is now sold out with handover scheduled in 2019 and Phase Two and Three are now underway and strong demand from European investors.

His Excellency Hamad Alkaabi, UAE Ambassador to Austria said: “UAE is an attractive option for both investors and tourists. The government has made it easy to invest and operate in the UAE. There is security and protection of investment as well as the excitement of preparation for Expo 2020. The second home market is relatively new for the UAE and offers a great opportunity to invest with favourable returns on investment.”

Mr Richard Schenz, Vice-President for Austrian Federal Economic Chamber said: “Austria has an important role in Foreign Direct Investment to the UAE and we intend to increase this with support from the embassy and Kleindienst.” 

Josef Kleindienst, Founder and Chairman of Kleindienst Group said: “The Heart of Europe will play a prominent role in Foreign Direct Investment from Austria to the UAE. We are focussing on European investors now that Phase One is sold out and will be handed over this year. Conversations with European investors at MIPIM showed us that the time is right with tangible buildings and guaranteed return on investment.”

For more information about The Heart of Europe, please visit 

About Kleindienst Group

Kleindienst Group is committed to pushing the boundaries of achievement, pioneering new concepts in real estate and hospitality to deliver excellence.  Established over 30 years ago in Austria and Hungary and present in Dubai since 2003, Kleindienst Group is the largest European real estate company in Dubai with more than 1,500 employees over its diverse portfolio of businesses which include property development, construction, hospitality, property brokerage, and corporate business centres. Kleindienst pushes the boundaries of innovation, creating new concepts such as Dubai’s second-home real estate market in a touristic destination, as well as exceptional hospitality attractions and world firsts. Kleindienst Group offers unique investment opportunities, attracting local and global wealth to support the UAE National Agenda 2021 and bolster the country’s economic, commercial and touristic aims. Kleindienst Group is committed to supporting Dubai’s inspirational goals and assisting in helping the DTCM meet its target of adding 40,000 new hotel rooms by 2020.

About The Heart of Europe

The Heart of Europe, part of the Kleindienst Group, is a celebration of the best European experiences in an unrivalled holiday home destination comprising six islands – Germany, Sweden, St Petersburg, Switzerland and Main Europe – with 13 hotels and resorts including Portofino Hotel, Ikaria Hotel, Ibiza Hotel, St Petersburg Resort, Côte d’Azur, London Hotel, Scandinavian Hotel, Amsterdam Hotel, Munich Hotel, Empress Elizabeth Hotel, Marbella Hotel and Tsar Hotel. The Heart of Europe is committed to delivering the best of European culture, heritage and lifestyle through traditional architecture, authentic experiences and innovative technology.  The development is located in a cluster of six islands nestled in The World archipelago, 4km from the Dubai coastline. The Heart of Europe brings never-seen-before experiences, including the world’s first floating and underwater living experience, the first dedicated wedding hotel, and the world’s first artificially engineered, climate controlled raining streets.

For more information:
Bahaa Fatairy / Rachel Mansour
Email: /
Tel: +971 (0)4 382 8900

1 Referenced here: 

2 Savills Report September 2018 on the Second Home Market – average gross short-let yields are 6.4%

© Press Release 2019


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.