Dubai South, Deyaar sign MoU to build new development

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Dubai: A new multi-purpose development will be built on an area of 1.27 million sq feet in Dubai South, according to a Memorandum of Understanding (MoU) signed by Dubai South, the master developer of an emerging 145 sq km master-planned city around the new Al Maktoum International Airport, and Dubai-based developer Deyaar.

The new development, which will be owned 50 per cent by Dubai South and 50 per cent by Deyaar, features residential units, shops, retail outlets and hospitality facilities. The agreement reflects Dubai South’s profound commitment to building an exceptional destination for living and investment, said Ahmad Al Ansari, Acting Chief Executive Officer of Dubai South, who signed the agreement with Saeed Al Qatami, Chief Executive Officer of Deyaar.

Source: Gulfnews.com

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