UAE developer Cayan sets up fund for $270mn project

The project is touted as a residential and hotel apartment complex in a busy area of the city

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UAE-based developer Cayan Group - which also has projects in Saudi Arabia and Lebanon - announced this week that it was working with Dubai-based financial services firm Shuaa Capital to set up a $270mn real estate development fund to develop a mixed-use residential project in Dubai.

Touted as a residential and hotel apartment complex in a busy area of the city, the project’s expected completion date is set for the second quarter of 2018, the developer said.

“The deal to develop [the] mixed-use project is in line with our expansion strategy of further establishing our stronghold in Dubai,” Ahmed Alhatti, president and chairman of Cayan Group, said, according to a press release.

The project will be situated along a Dubai highway and will be nearby the upscale Mall of the Emirates shopping center, famous for its indoor ski slope.

“The Dubai property market has seen steady growth over the past few years underpinned by a growing population and continuous demand for residential units,” Karim Schoeib Shuaa Capital’s investment banking CEO said.

Japanese architects Nikken Sekkei and UAE-based Dewan Architects have been awarded with the design of the project.

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