Cayan and Shuaa Capital set up real estate development fund to build US$272 mn mixed use project in Dubai
Posted on 25th March 2015
Cayan Group, a leading real estate investment group, has joined hands with investment firm Shuaa Capital to set up a real estate development fund which will be used for the construction of a Dh1 billion (US$272 million) residential and hotel apartment project located on the strategic Umm Suqeim Road in Dubai, according to a news report.
As per the deal, Cayan will be the main developer of the project and Shuaa will act as the investment manager for the fund, as per news reports on Trade Arabia news.
International Japanese architecture firm Nikken Sekkei and UAE-based Dewan Architects have been awarded the contract for the project, which is likely to be completed by the second quarter of 2018, said a statement from the company.
The project is located near Mall of Emirates and in close proximity to other developments including Mohamed Bin Rashid City, Dubai Hills and Arabian Ranches.
It is strategically located near Dubai International Airport (a 30-minute drive) and Dubai World Central Al Maktoum International Airport (20-minute drive). Additionally, the free zone development is situated in close proximity to Jebel Ali Port.
The residential and hotel apartment towers will include more than 700 individual units in the form of studios, one-bedroom apartments, two-bedroom apartments, and three-bedroom apartments and penthouses.
Retail amenities will include general retail area, meeting rooms, and an all-day dining restaurant. Other amenities such as a gym, spa and lounge will occupy the sky-bridge connecting the two towers.
Ahmed Alhatti, the president and chairman, said Cayan Group’s iconic project possesses a plethora of features and is characterized by smart layouts and great benefits that will make the tenant’s living experience both comfortable and luxurious.
"Our partnership with Shuaa to develop world-class residential and hotel apartment complexes in Dubai confirms our commitment to providing our clients with superlative housing options in a preferred location in the city," he stated.
"Moreover, the deal to develop the project is in line with our expansion strategy of further establishing our stronghold in Dubai. Shuaa is a full-fledged financial company with a strong track-record in managing real estate and hospitality funds, and we are happy to partner with them on this particular project," he stated.
Karim Schoeib, the CEO of Investment Banking at Shuaa Capital, said Dubai’s status as a cosmopolitan business centre together with its world class infrastructure and positive growth outlook continues to attract residents from all over the world.
"The Dubai property market has seen steady growth over the past few years underpinned by a growing population and continuous demand for residential units," he added.
The sales and marketing activities for the project will be managed by Cayan Group through one of its specialised entities and are set to begin in the second quarter of 2015.
Founded in 2004, Cayan has a long track record of developing a range of real estate projects across the region, notably the Cayan Tower located in the Dubai Marina, Silverene Towers, The Jewels and Dorrabay all in the UAE, as well as Layaly Compound and Samaya in Saudi Arabia and Broumana Lands in Lebanon.Back to all Construction News
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