Dubai-based property developer Omniyat Group announced today the start of their latest project being built in Dubai Maritime City.

Anwa by Omniyat will be 48-storey luxury residential tower with a sea view and retail amenities. The Omniyat development is going to be one of 53 mixed-use projects, hotels, shopping centres, restaurants and parks planned for the Dubai Maritime City area.

According to Mahdi Amjad, executive chairman at Omniyat Group, the project will cost AED600m and is scheduled for completion in 2017. The finance for the project will not be dependent on off-plan sales, although he confirmed units will go on sale on the 10 December.

The funding package for the project will consist of equity from Omniyat’s shareholders, banking relations and Omniyat’s own budgets, according to Amjad.

The group also announced that local contractor Kele will build the project, with Al-Ghurair Contracting & Engineering as the specialist contractor for enabling and piling work.

This will be the first residential and retail development in the area. Speaking at the press conference announcing the project, Khamis Buamin, chairman of Dubai Maritime City, said: “This project will play a key role in positioning Dubai Maritime City as an ideal location for modern living with a perfect work-life balance.” He also outlined DMC’s commitment to supporting future developments in the area, as they aim to achieve plans to build up a residential marine destination by the Expo in 2020.

Omniyat Group also disclosed that there will be up to nine new projects to be announced in 2015, with contractors invited to submit bids in the first quarter of the new year.