Gulf Finance House (GFH), the Bahrain based Islamic investment bank, has signed a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its Dubailand district.

The agreement, which involves the purchase of a total area of 1.2 million sq ft, was concluded in the presence of GFH chairman Dr Ahmed Al-Mutawa, CEO Hisham Al Rayes and DPG chief officer (Urban Planning and Infrastructure) Mohammed Al-Habbai.

The project aims to establish a high standard of residential, commercial and retail space and facilities within Dubailand, which welcomed over 13 million visitors in 2013 and is already home to over 100,000 residents, said a statement from GFH.

The new development includes both separate and adjacent villas and housing groups on some 830,000 sq ft in addition to integrated-services residential apartments on another 75,000 sq ft.

The initial development process is expected to launch later this year in 2014 with the project to be completed within the next five years.

Commenting on the deal, Dr Al-Mutawa said, "We are delighted to announce our newest project in Dubailand, which is already home to a wide range of entertainment, sporting, shopping, leisure and residential projects."
 
Al-Rayes said this was another important step forward in the execution of the group's strategy and efforts to effectively leverage positive dynamics in the Dubai market and the growing Dubailand district.

"Core to the GFH business is continuing to expand our investments in the UAE market, where we see considerable opportunity both in real estate as well as other sector," he noted.

"We look forward to building on this initiative, which we are confident will create significant value for the Bank and our stakeholders," he added.

The project development site is located near the Dubai International Airport and in close proximity to a unique collection of sports, entertainment and luxury commercial and residential facilities.

This strategic location will effectively position the project to become a prime visitor attraction and to further enhance Dubai's appeal as an international hub for family tourism.-TradeArabia News Service