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

Amlak Finance to develop $79m mixed-use project in Dubai
Amlak, together with Marseilia Group, is developing a mixed-use project in Egypt [representational image].
Published: 16 April 2018 - 2:11 a.m.
By: Fatima De La Cerna

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.


Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha