- Cayan Groups forms fund with Shuaa Capital
- Fund will finance real estate venture in Dubai
- Dewan and Nikken Sekkei are the project designers
Saudi developer Cayan Group and local investment firm Shuaa Capital have 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.