The Meydan Group will develop three new properties with the additional investment secured.
RELATED ARTICLES: Sobha City sparks return of mega-projects | Meydan sues Arabtec – WCT JV over Nad Al Sheba racecourse | RTA chief confirms that Trade Centre Bridges project 50% done
Meydan City Corporation, the company behind the development of the Meydan Racecourse and surrounding properties, has secured additional investment commitments of $408.3m, a senior official said on Tuesday.
Having already invested $272.2m into developing the Meydan Racecourse District within the master planned development and in associated infrastructure, the company plans to develop three new projects.
These include two within its master development and a third, the Meydan Tower, on Shaikh Zayed Road, a Gulf News report said.
The $408m secured includes $299.4m from Sobha City and a further $108.9m committed by other investors and developers, the newspaper added.
One of the new projects, the Hadaeq Shaikh Mohammad Bin Rashid, is set to establish a new community that will be the foundation to grow the Meydan Group’s development catalogue, spanning a total of 5,088,959m2 across Nad Al Sheba.
“Our projects have been designed to position Dubai at the forefront of innovation and progress and we look forward to furthering this vision with these signature developments,” said Saeed Humaid Al Tayer, CEO of the Meydan Group.
The collection of neighbourhoods being built will be centred on Garden Living, with infrastructure being designed to resemble modern residential locales from England, France and Japan.
Meydan Tower is the group’s first foray outside Meydan City, and also the first freehold property on Sheikh Zayed Road, outside of the TECOM, Dubai Marina and JLT areas, said Mohammad A Nasser Al Khayat, commercial director of Meydan City Corporation.
Designed by AE7 Associates, the project’s work could start next year, the newspaper said, when it will be offered to investors on sale. The tower will have 256 serviced apartments, a boutique hotel with 100 keys, more than 300 apartments and 1,858m2 of retail space.