The UAE-based Majid al-Futtaim (MAF) is planning a 740,000 square metre mixed-use development in Dubai, according to MAF Properties’ chief executive Robert Welanetz.

The project, which is currently called D4, is set to be built in the Dubailand area near Global Village and the City of Arabia. “D4 will consist of a combination of residential, retail, office and commercial space,” Welanetz told MEED in Dubai on 5 April.

D4 will also include a mall development using MAF’s City Centre brand.

The land for the project was purchased last year, with the initial design concept works for the master plan expected to be completed by the end of the year. The design works are being carried out in-house, says Welanetz who adds that “this is a near-future project and we expect work to start on the scheme by the end of next year”,

The project is part of the company’s plans to invest up to AED48bn in the UAE by 2026. The investments include the D4 project, a mega-mall in Sharjah near the Al-Zahia master-planned community and the AED300m ($81m) My City Centre Masdar Mall in Abu Dhabi, which is set for completion in 2018.

To support these investment plans, the company is in initial talks with banks on a $1.5bn revolving credit facility, which sources in January told MEED could be used to refinance existing debt and fund some ongoing developments.

The retail operator regularly raises funds from debt markets. It issued a 10-year $500m sukuk in November 2015, following it with a $300m tap in mid-2016. BNP Paribas, Emirates NBD and Standard Chartered Bank last year helped MAF raise $500m through a revolving facility with a five-year tenor.

MAF is also looking to boost its investments in Saudi Arabia and has announced plans to develop Mall of Saudi and City Centre Ishbiliyah with an aim to invest up to SAR14bn in the two projects, which will both be built in Riyadh.