A new multi-purpose real estate project will be raised on a total area of 1.27 million square feet in Dubai South, according to a memorandum of understanding (MoU) signed between Deyaar and the master developer of Dubai South district that holds its name.
Dubai South is a new district sprawling over 145 sq-km and located around the new Al Maktoum International Airport.
The new project will be equally owned between Deyaar and Dubai South. It is expected to feature many residential units, shops, retail outlets, and hospitality facilities.
Ahmed Al Ansari, the chief executive officer of Dubai South, said upon signing the agreement that the new project reflects the company’s commitment to make Dubai South an exceptional destination for living and investment.
From his side, Saeed Al Qatami, the chief executive officer of Deyaar, said that the new partnership will enable Deyaar from meeting the rising demand on residential, commercial, and hospitality units.