The developer Deyaar has signed an agreement with Dubai South on a new 1.27 million square feet project within the district's residential zone.
A memorandum of understanding has been signed between the organisations to set up a 50:50 joint venture with a view to bringing forward the new mixed-use project, which will contain residential, retail and hospitality elements, the firms said.
Dubai South is the master planned city formerly known as Dubai World Central that encompasses the new Al Maktoum International Airport and Dubai’s Expo 2020 site, which will become an exhibition district when the event concludes. Once the site is fully developed, it is expected to be home to about 1 million residents and 500,000 jobs.
The developer is not the first major property firm to bring forward projects at Dubai South. Damac completed its first project there in October and MAG Property Developments is building its MAG 5 Boulevard project in the same area.
Last September, Emaar Properties announced that it had signed a joint venture with Dubai South to develop six districts containing more than 15,000 homes around an 18-hole golf course.
Ahmed Al Ansari, the acting chief executive of Dubai South, said that its agreement with Deyaar “reiterates our commitment to continually expand our real estate portfolio”.
“Dubai South is part of the emerging urban landscape of the emirate and our participation in the residential district is Deyaar’s response to the call by the nation’s leaders for a thriving, dynamic living space that aspires for a cohesive society and a strong economy,” said Saeed Al Qatami, the chief executive of Deyaar Development.
Deyaar is listed on the Dubai Financial Market. The company’s shares closed 2 per cent higher yesterday at just below 67 fils per share.
mfahy@thenational.ae
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