(MENAFN- Emirates News Agency (WAM))
DUBAI, 21st January, 2017 (WAM)-- A new multi-purpose development will be built on an area of 1.27 million sq feet in Dubai South, according to a memorandum of understanding, MoU, signed by Dubai South, the master developer of an emerging 145 sq km master-planned city around the new Al Maktoum International Airport, and Dubai-based developer Deyaar.
The new development, which will be owned 50 percent by Dubai South and 50 percent by Deyaar, features residential units, shops, retail outlets and hospitality facilities.
The agreement reflects Dubai South's profound commitment to building an exceptional destination for living and investment, said Ahmed Al Ansari, Acting Chief Executive Officer of Dubai South, who signed the agreement with Saeed Al Qatami, Chief Executive Officer of Deyaar.
The new partnership will allow Deyaar to meet increasing demand on residential and commercial units and hospitality facilities, Qatami said.
Dubai South represents a vital expansion of the emirate and the MoU reflects that Deyaar's strategic plans are going in line with the government's agenda that seeks to establish a vibrant urban community that reflects the emirate's strong economic growth, he added.
WAM/MMYS
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