Dubai-based Second Mayadeen of Emirates, a subsidiary of National Ranges Company (Mayadeen), a Kuwait-based firm, has acquired 105,000 square feet of land in Dubai Maritime City's Harbour Offices area for Dh402 million.
Second Mayadeen will develop a commercial project in the land acquired in the Harbour Offices area, a gateway to DMC. The total built-up area of the project is expected to be more than 643,000 square feet, said a company statement.
Second Mayadeen has a four-tower residential project, Aurora and Dari in Al Reem Island in Abu Dhabi and the developer has appointed contractors to begin work on the project that is expected to be completed by March 2011.
The chief executive officer of Second Mayadeen said they purchased the land to be part of DMC.
"This is a one-of-a-kind development that will serve one of the main industries in Dubai. The maritime industry is growing rapidly just like most other industries in the city and of course real estate development will always be part of any growing industry, especially commercial real estate which is very high in demand," said Naser Al Attar, Chief Executive Officer of Mayadeen.