Abu Dhabi-based Emirates International Investment Co plans to develop a residential and park project in Algiers at a cost of $5 billion, a report said.

Dounya Parc will cover 6.6 million sq m, with 25 percent of the land set aside for residential and commercial use, London-based Meed magazine reported, without citing sources.

The project, due for completion in four years, is being developed by Emirates International unit Societe des Parcs d'Alger, Meed said.

In December, Emirates International said it planned to build a $400 million cement plant in Abu Dhabi, the capital of the UAE. - Reuters