Gov't plans to overhaul old Dubai

The real estate firm will redevelop areas such as as Satwa and parts of Sheikh Zayed Road, pictured. (Getty Images)

Dubai plans to set up a $1 billion real estate firm to redevelop parts of the city and invest in various sectors, including real estate and retail, at home and abroad, Middle East Economic Digest (Meed) reported.

Meraas Investment plans to initially redevelop land alongside Dubai's main highway, Sheikh Zayed Road, in a development that could extend up to 10 kilometres, the London-based weekly magazine said in its Friday edition, citing a source at Meraas.

Meraas would use cash generated from its Dubai projects to invest in various sectors overseas, including real estate, retail, media and financial services, MEED said.

The developer also plans to transform some of the city's older districts, including Satwa, Al-Wasl and Al-Safa, areas housing thousands of people living in villas and low-rise apartment buildings, the magazine said.

Meraas will operate under Dubai ruler Shiekh Mohammed bin Rashid Al-Maktoum and will be headed Abdullah Al-Habai, MEED said.

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