The Dubai Fund for Financial Support on Wednesday announced it had reached a deal with the Dubai Real Estate Corporation (DREC) to develop plots of land for retail, hotels and residential units ahead of Expo 2020.
Under the agreement, the first project will be set up along Sheikh Zayed Road and will include the construction of a mall and residential complexes.
DREC will also develop a number of hotel projects, residential units and hotel apartments, read a statement cited by news agency WAM, adding that the two parties have agreed a long term strategic partnership to develop land owned by the fund.
No further details about the scope of the project were disclosed but Hisham Abdullah Al Qasim, CEO of DREC, added that through this partnership "giant projects" will be added to Dubai.
Abdul Rahman Al Saleh, chairman of the Dubai Fund for Financial Support said the cooperation deal aims to support the vision of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum to make the emirate the world's first destination for real estate and tourism.