Plans for a new AED1.5 billion ($410 million) skyscraper on Dubai's main highway will be revealed next week at the Cityscape Global show.
Shuaa Capital on Tuesday announced that its real estate asset management division will be managing the development of the mixed-use skyscraper on Sheikh Zayed Road, without giving any further details about the project.
It said details will be unveiled at Cityscape, adding only that the project is intended to serve the ever-growing demand in the UAE’s residential, tourism and hospitality sectors.
Shuaa’s real estate specialised asset management division currently manages assets in excess of AED3 billion spread across both the UAE and Saudi markets.
Fawad Tariq-Khan, general manager of Shuaa Capital said: “Shuaa’s real estate business line has proven expertise and a strong track record in developing projects, managing funds, and forming business alliances, both in the UAE and Saudi markets.
"We intend to utilise this strength to the fullest as we continue to roll-out our expansion plans. This project is set to complement Sheikh Zayed Road’s picturesque skyline, and we look forward to the official unveiling at Cityscape.”
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