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Amlak Finance to develop $79m mixed-use project in Dubai

The G+14 project will be developed for an estimated cost of $79m (AED290m) and is expected to be completed by 2020

Amlak, together with Marseilia Group, is developing a mixed-use project in Egypt [representational image].
Amlak, together with Marseilia Group, is developing a mixed-use project in Egypt [representational image].

Sharia-compliant real estate financier Amlak Finance has announced plans to develop a mixed-use project in Nad Al Hamar in Dubai.

In a notification submitted to the Dubai Financial Market, the public joint stock company said that the planned G+14 project will have an approximate total area of 65,032m2.

It will be developed for an estimated cost of $79m (AED290m) and is expected to be completed by 2020.

READ: Real estate financier Amlak reports 52% drop in 2017 net profits

According to the company, the project will be “constructed in collaboration with a prominent asset management company” in Dubai.

In January this year, the financier revealed that it had signed an agreement with Marseilia Group to develop a mixed-use project in Cairo, Egypt.

The project, which will be built on a 4.2ha plot of land owned by Amlak, will feature a residential and administration building, a shopping mall, and a fully serviced and equipped hotel, in addition to areas dedicated to clubs and social activities.

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Construction Week - Issue 728
Feb 07, 2019