Dubai Investments will begin construction of its first skyscraper, valued at Dh1 billion ($272.48 million), before the end of the current year.
At 70-storeys high, the freehold residential tower is located on Sheikh Zayed Road, next to Al Habtoor City and Damac’s Aykon City. Construction tenders for the project will be issued soon.
In an interview with Arabian Business, Khalid bin Kalban, managing director and chief executive officer of Dubai Investments, said: “We have got all the government approvals and now we will proceed with issuing of the tender documents. We expect to break ground by year-end and complete the tower in next three years.”
According to Dubai Investments, the company plans to raise between Dh400 million ($109 million) and Dh450 million ($123 million) to fund the development of the project.
“We require $109 million to $123m funding for our project. We are getting ready to approach banks in coming weeks,” Kalban added.