X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DUBAI, UAE-Emaar Properties, already developing the tallest building in the world, has now announced that it will spend about $3.2 billion (US) on Mushrif Heights. The 44-million-sf property is near Al Awir and is close to Mushrif park, according to the company in a statement.

The company is already building the Burj Dubai, the world’s tallest building, and the Dubai Mall, one of the largest retail centers ever developed. Emaar is also developing the $26.6 billion King Abdullah Economic City, the region’s largest private sector-led project in Saudi Arabia. The firm holds a 30% equity in Dubai Bank.

Mushrif Heights will be an integrated neighborhood of villas, townhomes and apartments, surrounded by parks, walkways and landscaped gardens, the company said in a statement. Also included in the development will be a school, town centers, a mosque, retail outlets and other leisure and recreational activities, all overlooked by a hill sanctuary, according to the statement. The first phase will start Aug. 23, the company said, but did not explain what would be completed in that phase. Company officials did not return a request for comment on this story.

The design will include green features, the company said in the statement. “Sustainable developmental initiatives are gaining importance today, with Dubai already having taken the lead in designing and promoting green, energy-efficient buildings,” said Ahmad Al Matrooshi, managing director of the company, in the statement. “Mushrif Heights is part of Emaar’s commitment to this social responsibility, and we are creating a new eco-friendly community where the focus is on integrating every day living with the natural environment.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.