Dubai Fund signs deal for retail, residential projects

RetailME Bureau

The Dubai Fund for Financial Support has announced that it has reached a deal with the Dubai Real Estate Corporation (DREC) to develop plots of land for retail, hotels and residential units ahead of Expo 2020.

Under the agreement, the first project will be set up along Sheikh Zayed Road and will include the construction of a mall and residential complexes.

DREC will also develop a number of hotel projects, residential units and hotel apartments, read a statement, adding that the two parties have agreed on a long-term strategic partnership to develop land owned by the fund.

Hisham Abdullah Al Qasim, CEO of DREC, says that through this partnership “giant projects” will be added to Dubai.

Abdul Rahman Al Saleh, chairman of the Dubai Fund for Financial Support, says the cooperation deal aims to support the vision of Dubai ruler His Highness Sheikh Mohammed bin Rashid Al Maktoum to make the emirate the world’s first destination for real estate and tourism.