The tower, expected to be about 40 storeys high, will offer up to 1 million square feet of residential space. It will be one of the few all-residential buildings on the DIFC development. Global Investment, which owns Al-Mazaya, has set up Dubai First Real Estate Development Companyto develop the project. A private placement in the new company was due to be launched in early June. The Kuwaiti joint venture is the third partner to sign up for a DIFC plot since 10 parcels of land were put out to tender in February(MEED 14:5:04).