Cayan, Shuaa to set up fund for $272m Dubai project

Gulf-based developer and investment firm to back construction of twin-tower development of 700 residential units and hotel apartments

PHOTO: Cayan Group has an expansion strategy of further establishing a 'stronghold in Dubai'. Credit: Shutterstock

The Gulf-based developer Cayan Group and investment firm Shuaa Capital plan to set up a fund for the construction of a $272 million development in Dubai.

The development, on Umm Suqeim Road close to the Mall of the Emirates, will be made up of residential units and hotel apartments, Cayan Group said in a statement. It will comprise two towers with a sky bridge connecting them.

Cayan Group will develop the project, which is estimated to be completed by the second quarter of 2018, according to the firm, which has offices in Saudi Arabia and Dubai.

Shuaa will act as the investment manager for the real estate development fund that the two firms plan to establish.

The Japanese architecture firm Nikken Sekkei and the UAE’s Dewan Architects will handle the design, the statement said.

The building will comprise more than 700 units in the form of studios, one, two and three-bedroom apartments, and penthouses.

“The deal to develop an AED 1 billion mixed-use project is in line with our expansion strategy of further establishing our stronghold in Dubai,” said Ahmed Alhatti, president and chairman of Cayan Group.

Sales and marketing activities, to be managed by Cayan Group entities, are set to begin in the second quarter of 2015.

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