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.
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.