Meydan lures $4bn in investment for three projects
Sobha city rises, Meydan Tower re-emerges from chaos of stalled works
Meydan City Corporation has said that the three new projects unveiled at Cityscape have secured investment commitments amounting to $4.1bn.
A senior executive told Gulf News that the figure includes the $3bn commitment made by India’s Sobha Group for a development named Meydan Sobha City and another $1.1bn pledged by other investors and developers.
Meydan is also planning Hadaeq Sheikh Mohammed Bin Rashid - a 500-hectare community which will sprawl across the Nad Al Sheba landscape around a 190,000m2 water network of lagoons and canals.
The final piece of the investment project is the resurrected Meydan Tower, a stalled 72-storey project originally proposed in 2009 as a first foray by Meydan outside its core Meydan City development.
Designed by AE7 Associates, Meydan Tower could start as early next year. The tower will have 256 serviced apartments, a boutique hotel with 100 keys, 300 standard apartments and 1,860m2 of retail space.
According to Mohammad A. Nasser Al Khayat, commercial director, the tower is still in design stage. He added: “We are not disclosing its height or the number of floors it will have.”