Dubai developer Deyaar has signed a memorandum of understanding with Dubai South to build a new multi-purpose development in the master-planned city around the new Al Maktoum International airport.
The new development in Dubai South, which will be on an area of 1.27 million sq feet in the Residential District, features residential units, shops, retail outlets and hospitality facilities.
The development will be owned 50 percent by Dubai South and 50 percent by Deyaar.
Ahmed Al Ansari, acting CEO of Dubai South said: This MoU reiterates our commitment to continually expand our
real estate portfolio by introducing new and unique real estate offerings to
the mix and we believe that partnering with a reputable developer such as Deyaar
will help us achieve our goals.
"Deyaar has developed numerous iconic projects
and both companies share a common objective and we believe that jointly we will
deliver quality projects that offer impeccable service to our customers as well
as enhanced value to stakeholders, who have come to depend on the Dubai South
Qatami said the new partnership will allow Deyaar to meet increasing demand on residential and commercial units and hospitality facilities in the emirate.
"Across the UAE, we have developed over seven
million square feet of space, creating urban experiences that make our nation
one of the best places in the world in which to live, work, invest and raise a
family," he said.
"Located beside the World Expo 2020 site and Al Maktoum
International Airport, Dubai South is set to become a lively, connected
community that reaches across the business, entertainment, tourism and family
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