Dubai South, Deyaar ink residential project deal
The MoU will see Dubai South and Deyaar establish a 50:50 joint venture to develop a 1,179ha site within the Residential District into a mixed-use real estate project
Master developer, Dubai South, signed a strategic alliance memorandum of understanding (MoU) with Deyaar Development for a joint development of a mixed-use project within the Residential District at Dubai South.
The MoU was signed by Ahmed Al Ansari, acting CEO at Dubai South and Saeed Al Qatami, CEO, Deyaar Development.
The MoU will see Dubai South and Deyaar establish a 50:50 joint venture to develop a 1,179ha site within the Residential District of Dubai South into a mixed-use real estate project, comprising residential property, retail, and hospitality facilities.
Ahmed Al Ansari, acting CEO, Dubai South said: “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.
"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, said: “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 overseven million square feet of space, creating urban experiencesthat 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. Located beside the World Expo 2020 site and Al Maktoum International Airport, Dubai South is set to become a lively, connected community that reaches across the business, entertainment, tourism and family segments.”