Dubai-based developer the Meydan Group has formed a joint venture with India’s Sobha Group to develop 4 million square metres of land at Mohammed Bin Rashid City in Dubai.

Known as Mohammed Bin Rashid City - District One, the project will include 1,500 villas and a 350,000 square metre water park. The villas will be delivered in four phases. It will be built alongside Al-Khail Road, next to the Meydan Racecourse.

Meydan and Sobha outlined plans for a project known as Hadaeq Sheikh Mohammed bin Rashid at the Cityscape property exhibition in October last year.

To be built in the same location, that scheme included apartment buildings, villas, office blocks, a boutique hotel and a shopping mall. Construction was expected to start in 2013.