MEED understands that the project will be developed on Sheikh Zayed Road, beyond the Jumeirah Lakes Towers area.

The development is expected to be completed by 2029.

The six-tower development consists of 160,000 square feet (sq ft) of retail space, 175,000 sq ft of office space, a mall and other associated facilities.

The announcement follows Sobha Realty’s launch of its latest real estate project in the UAE emirate of Umm Al-Quwain.

Sobha signed a partnership agreement with Umm Al-Quwain Properties to jointly develop the project in April.

The Downtown Umm Al-Quwain project will span an area of about 25 million sq ft.

According to an official statement, the masterplan includes an 11-kilometre coastline featuring 7km of natural beaches and parks.

The mixed-use development will be divided into three zones: North Beach, Trade Centre and South Beach.

These developments will offer residential units, commercial centres, office spaces, hotels and other associated facilities.

The statement added that the project’s main feature is the Trade Centre, a 15 million sq ft free zone operating under an independent legal framework.

GlobalData expects the UAE’s construction industry to expand by 4.2% in real terms in 2025 and register an average annual growth of 4% from 2026 to 2029, supported by investments in transport, oil and gas, energy and housing infrastructure projects.

The residential construction sector is estimated to expand by 3.4% in real terms in 2025 and record a growth of 3.1% between 2026 and 2029, supported by public and private sector investments in the housing sector, amid an increase in real estate transactions owing to an improvement in demand.