Dubai, UAE – May 11, 2025
Prospect, a Dubai-based real estate investment and advisory firm, has entered into a strategic partnership with Mulk Properties, a subsidiary of Mulk International, to develop ‘The LX’—a premium commercial project valued at AED 350 million in Arjan. This collaboration also includes One Broker Group (OBG), an award-winning real estate agency, as the exclusive sales partner for the project.
Project Overview
‘The LX’ is set to introduce a new benchmark for boutique offices and curated retail spaces in one of Dubai’s fastest-growing urban enclaves. The development will feature 71 boutique office and spacious retail units, complemented by generous balconies, refined finishes, and a dedicated F&B hub. With seamless access to Sheikh Zayed Road, ‘The LX’ offers unparalleled connectivity and visibility, making it an ideal business address in a rapidly expanding community.
Market Context
Dubai’s commercial real estate market is experiencing dynamic growth across all sectors. In 2024, the market recorded a 24% jump in growth, with almost 3,000 office units sold, totaling AED 89.9 billion in transactions. This double-digit year-on-year growth pattern is expected to continue, driven by an increasing number of companies registering with the Dubai Chamber of Commerce and a shortage of office spaces to meet demand. Built Environment Magazine
According to the UAE Commercial Construction Industry Report of 2025, the sector was valued at AED 156 billion in 2024 and is projected to reach AED 207 billion by 2030, reflecting robust growth with a compound annual growth rate (CAGR) of 4.7%.
Leadership Insights
Rohit Verma, Co-founder of Prospect, stated:
“At Prospect, we are proud to partner with Mulk Properties—the real estate development arm of the global conglomerate Mulk International, known for their innovation, scale, and leadership across businesses across four continents. Our vision aligns deeply with our partners, and together we want to create purpose-built, high-performance workspaces that cater to the next generation of business owners. Arjan is one of the most exciting emerging districts in Dubai today, with a steady pipeline of residential and hospitality developments. We will now bring a unique aspect to the real estate landscape of Arjan with our commercial development catered to a huge market gap for offices and retail spaces. Its central location near major highways, established communities, and key business zones makes it an ideal destination for a future-forward commercial asset. We believe ‘The LX’ will become a signature address for modern businesses in Dubai, and we look forward to this journey with Mulk Properties.”
Nawab Shaji Ul Mulk, Chairman of Mulk International, commented:
“It is indeed our pleasure to partner with Prospect as we continue to expand our unique real estate portfolio. After Zim Cyber City, our state-of-the-art mixed-use development in Harare, Zimbabwe, and the sprawling Ajman Sports Complex spread across 1 million square feet, we are excited to explore the Dubai commercial real estate market, which is growing exponentially. With Prospect’s strategic involvement, we are confident that our upcoming project ‘The LX’ will become a destination of choice for forward-thinking entrepreneurs, retailers, and investors looking for both prestige and practicality.”
Umar Bin Farooq, Founder & CEO of One Broker Group (OBG), added:
“We are proud to lead the sales on this landmark project. ‘The LX’ represents the future of commercial developments, where design meets function, and where businesses can thrive. Arjan’s growth trajectory and connectivity also make this a project of incredible promise. At OBG, we’ve successfully transacted over AED 7 billion in residential sales. We believe this sector is primed for strong demand—especially in underserved locations like Arjan. Businesses are looking for elevated, flexible office environments, and ‘The LX’ delivers exactly that. With its premium finishes, retail integration, and F&B offerings, it will offer a complete ecosystem for both investors and end users.”
About the Partners
Prospect: Established in 2023 by industry veterans, Prospect is a Dubai-based strategic investment and real estate firm. Built on decades of collective expertise from renowned organizations, the company is committed to shaping the UAE’s evolving property landscape. As a key player in real estate investment and advisory, Prospect operates with a long-term vision—investing strategically in assets and projects that align with both financial returns and broader urban growth.
Mulk Properties: A subsidiary of Mulk International, Mulk Properties is a multinational conglomerate headquartered in Sharjah’s Hamriyah Free Zone. The group’s diverse portfolio spans metal composites (Alubond U.S.A.), facade contracting, aluminum coil coatings, plastics, healthcare, cricket assets, and real estate. Ranked among the Top 100 Indian Companies in the Arab World by Forbes and Most Admired Companies in the GCC by Arabian Business, Mulk International is a global leader in innovation and manufacturing, with operations in over 11 countries and a market reach across 90+ countries.
One Broker Group (OBG): An award-winning real estate agency focused on selling prestigious and renowned residential properties in the UAE, One Broker Group (OBG) will be the exclusive sales partner for ‘The LX’. OBG stands as Dubai’s most distinguished real estate powerhouse, providing end-to-end solutions for prestigious residential and commercial properties across the UAE’s most coveted addresses. Their excellence is validated by the Dubai Land Department’s recognition as the highest-performing brokerage for transactions in 2022. OBG excels through record-setting performances, ensuring every market decision drives maximum value for clients. Their unique capability to generate interest in exclusive projects through an extensive 10,000+ partner network and more than 150 expert in-house brokers is the core of the enormous value they add to customers.
‘The LX’ is currently in the off-plan stage, with a targeted handover in Q1 2027. This project aligns with Prospect’s long-term strategy of investing in future-ready, design-led developments with high growth potential across Dubai. The partnership further cements Mulk Properties’ commitment to diversifying its real estate portfolio in the UAE, while reinforcing Prospect’s growing reputation for identifying and enabling landmark investments in emerging neighborhoods.
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