UAE developer Majid Al Futtaim has announced plans to build a new mixed-use community in Dubai.
It said it was working with global and regional contractors to draw up a masterplan to be unveiled in the first half of 2018.
A spokesperson for Majid Al Futtaim told Arabian Business the size, value and exact location of the scheme could not yet be revealed.
However, the spokesperson said that a parcel of land had been acquired in a “strategically located, key residential growth corridor in the emirate”.
The development is expected to comprise premium homes across a string of new neighbourhoods, with greenery and public spaces.
The scheme is also expected to feature Majid Al Futtaim’s full range of retail, leisure and entertainment facilities to cater to residents’ needs and wishes.
The project is expected to be funded “in line with the company’s prudent financial management and consistent with its BBB credit rating levels”, the developer added.
Hawazen Esber, CEO of Majid Al Futtaim - Communities, said: “We are excited to announce plans for a flagship mixed-use community that is set to redefine the living experience in Dubai’s evolving and highly competitive real estate market.
"As is with all our projects, the latest community will feature best in class offerings from across the Majid Al Futtaim integrated portfolio and will deliver on the highest standards of planning, design and quality to create a unique destination.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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