Dubai-based property developer Deyaar, whose first-quarter net profit more than doubled, has announced plans to build a new beachfront project in Dubai Maritime City.
The second-largest development company listed with the Dubai Financial Market said it has signed a deal with Dubai Maritime City to acquire 70,226.53 sq ft of land located at the Marina District within the zone.
The sales agreement was signed by Saeed Al Qatami, CEO of Deyaar, and Khamis Juma Buamim, chairman of Dubai Maritime City.
The Marina District, one of the six distinctly purposed areas within Dubai Maritime City, includes a cluster of mixed utility spaces, as well as an impressive marina facility that is available for the charter and transit of yachts.
The district has been conceptualised as a leisure and entertainment hub within the zone, featuring a wide selection of restaurants, a four-star hotel, waterfront retail outlets, and other community amenities.
Qatami said: "The Dubai Maritime Zone is an exciting new prospect in the emirate's real estate landscape, and we are pleased to mark our presence there.
"The zone holds a unique character unlike other developments in Dubai, and is all-inclusive that raises its appeal as a place to visit and live in.
"The plot is well-positioned and will give us an opportunity to build a beachside project, which is new to our portfolio. We look forward to building a quality project that adds value to the Marina District, and the development as a whole," he added without giving further details about what the project would include.
Buamim added: "We have been attracting high interest from top developers in the region, and are glad to welcome Deyaar as one of our partners in progress. Since the Expo 2020 announcement, Dubai has seen a jump in leisure maritime activities.
"The Dubai Maritime Zone aims to develop an infrastructure that can support and promote this sector. We are confident that Deyaar will help us take this vision forward."
Deyaar has recently announced its entry into the hospitality sector with the launch of its new project, The Atria, a residential and hotel apartments development in Business Bay.
The developer said its first-quarter net profit more than doubled, buoyed by an upswing in the emirate's real estate market.
Deyaar made a quarterly consolidated net profit of AED52.1 million ($14.2 million) compared to AED19.4 million in the corresponding period in 2013.
Revenue for the quarter grew by 55 percent year-on-year, it added.