Local developer Cayan Group has announced AED3.1bn ($844m) worth of projects in Dubai and Riyadh.

In March Cayan Group and local investment firm Shuaa Capital agreed to set up a fund that will be used for the construction of a AED1bn ($272m) residential and hotel apartment project on Umm Suqeim Road in Dubai.

Cayan Group is the main developer of the project. Shuaa will act as the investment manager for the fund.

Other firms working on the design of the project are Japanese architect Nikken Sekkei and UAE-based Dewan Architects.

Located near to Mall of the Emirates, the residential and hotel apartment towers will include more than 700 units together with a retail area, meeting rooms and a restaurant. Other amenities such as a gym, spa and lounge will occupy the sky-bridge connecting the two towers.

The group also announced two projects in Saudi Arabia, including a business centre comprising of a ten-floor office tower as well as a fitness centre and multi-purpose conference hall located on King Fahd road in Riyadh.

The second project, called Samaya, is a one million square metre residential development located in the north western area of the capital. Cayan Group will develop all infrastructure and amenities including mosques, parks and retail space and will allow buyers to purchase land for individual development.

Cayan Group was the developer for Cayan Tower, Silverene Towers, The Jewels and Dorrabay in Dubai Marina.