To be called Berjal City, the 2.8 million square metre mixed-use development is expected to attract $4.1bn in investment.
Berjal Real Estate will be responsible for the development and implementation of infrastructure for the project, while Al-Rashid will be in charge of marketing the site.
Within the development, 123 free-hold plots have been earmarked for residential towers, commercial and administrative use. Investors in the plots can choose from a number of options to build commercial and residential towers ranging from 19 to 60 storeys.
It is planned that 60 per cent of the total area will be set aside for open spaces, such as hills and lakes.