Dubai property firm Deyaar plans $245m housing, hotel complex

Move marks developer’s first entry into hospitality industry

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Dubai property developer Deyaar Development said on Sunday it planned to build a combined residential and hotel project in the emirate, its first entry into the hospitality industry.

The 900 million dirham ($245 million) project will comprise one residential tower and one tower of serviced apartments, the company said. Construction is to start soon and be completed by the end of 2016 or early 2017.

Asked how the project would be funded, Deyaar’s chief executive Saeed Al Qatami told reporters: “Deyaar has the sources (of funding) so far and we do have strong banking support.” He did not elaborate.

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