Dubai Investments has announced the launch of a $272.5m (AED1bn) skyscraper on Dubai’s Sheikh Zayed Road to break ground by year-end.
The 70-floor high-rise building will be located next to Al Habtoor City and Damac’s Aykon City and will take three years to complete.
Dubai Investments has obtained all government approvals and will start tendering for the project soon, Khalid bin Kalban, managing director and chief executive officer of Dubai Investments said, according to Arabian Business.
The company purchased the land plot last year which it has fully paid for, Kalban added.
He also added that the project will be financed through part debt and part equity.
“We require $109m to $123m funding for our project. We are getting ready to approach banks in coming weeks,” he said.
Initial reports state that the building will be a residential development, though a spokesperson for Dubai Investments said on Tuesday that there might be a hotel component, though no further details about the project were given.