Bahrain firm to develop mixed-used project in Dubailand

Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has signed a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its Dubailand district.

The land sale agreement, which involves the purchase of a total area of approximately 1,200,000 square feet, was concluded in the presence of GFH Chairman, Dr. Ahmed Al-Mutawa, Chief Officer Urban Planning and Infrastructure at Dubai Properties Group (DPG), Mohammed Al-Habbai, and GFH CEO, Hisham Al Rayes.

The project aims to establish a high standard of residential, commercial and retail space and facilities within Dubailand, which welcomed over 13 million visitors in 2013 and is already home to over 100,000 residents. The new development includes both separate and adjacent villas and housing groups on some 830,000 square feet in addition to integrated-services residential apartments on another 75,000 square feet.

The initial development process is expected to launch later this year in 2014 with the project to be completed within the next five years.

Follow Emirates 24|7 on Google News.