The Residential District at Dubai South to include residential property, retail and hospitality facilities
Dubai, UAE: Deyaar Development has announced that it has signed a strategic alliance MoU with Dubai South for a joint development of a mixed-use project within the Residential District at Dubai South. The memorandum, the announcement said, will see Dubai South and Deyaar establish a 50-50 joint venture to develop a 1.27 million square feet site, and will comprise residential property, retail and hospitality facilities. The MoU was signed by Ahmed Al Ansari, Acting CEO of Dubai South, and Saeed Al Qatami, CEO of Deyaar Development, added the announcement.
One of the eight key districts of Dubai South, the Residential District, the announcement said, aims to create a city that is based on the happiness and well-being of people. The announcement added that the district is in close proximity to the Al Maktoum International Airport, and adjoins the Expo 2020 Dubai site.
“This MoU reiterates our commitment to continually expand our real estate portfolio by introducing new and unique real estate offerings to the mix and we believe that partnering with a reputable developer such as Deyaar will help us achieve our goals,” said Ahmed Al Ansari, Acting CEO, Dubai South. “Deyaar has developed numerous iconic projects and both companies share a common objective and we believe that jointly we will deliver quality projects that offer impeccable service to our customers as well as enhanced value to stakeholders, who have come to depend on the Dubai South brand.”
Saeed Al Qatami, CEO, Deyaar Development, added: “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. Across the UAE, we have developed over seven million square feet of space, creating urban experiences that make our nation one of the best places in the world in which to live, work, invest and raise a family. This joint venture with Dubai South will meet residential, retail and hospitality demands, carefully matched to the highest standards of design and build, and uniquely suited to a new urban quarter in one of the world’s greatest cities.”