Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has announced that it has signed a land sale agreement to establish a new mixed-use residential development in Dubailand.
The agreement with Dubai Properties Group (DPG) involves the purchase of a total area of approximately 1,200,000 square feet of land, GFH said in a statement.
The project aims to build residential, commercial and retail space and facilities within Dubailand, which welcomed over 13 million visitors in 2013 and is home to over 100,000 residents.
The new development includes both villas and apartments in the residential part of the project and is expected to launch later this year.
GFH added that the project is scheduled to be completed within the next five years.
Dr Ahmed Al-Mutawa, GFH chairman, said: "We are delighted to announce our newest project in Dubailand, which is already home to a wide range of entertainment, sporting, shopping, leisure and residential projects."
Hisham Al Rayes, GFH's CEO, added: "Core to the GFH business is continuing to expand our investments in the UAE market, where we see considerable opportunity both in real estate as well as other sectors.
"This is another important step forward in the execution of our strategy and efforts to effectively leverage positive dynamics in the Dubai market and the growing Dubailand district.
"We look forward to building on this initiative, which we are confident will create significant value for the Bank and our stakeholders."