Wednesday 20 June 2018

Dubai groups to develop big downtown complex

Dubai, May 1, 2013

The Meydan Group and the Sobha Group, two conglomerates in Dubai, said on Wednesday they had agreed to form a joint venture to develop a major leisure, retail and residential complex adjacent to the city's downtown area.

The complex will be built on 4 million sq m of land, the companies said in a statement without revealing a timeline, financing plans or other details.

The complex is to be a cornerstone of a huge urban development project announced last November by Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, who said at the time that plans included the largest shopping mall in the world, a park 30 percent bigger than Hyde Park in London, and over 100 hotels. – Reuters

Tags: Joint venture | Downtown Dubai | Sobha Group | Meydan Group |

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