UAE: Shuaa Capital has revealed plans for a $410 million mixed-use project on Dubai’s Sheikh Zayed Road.
The mixed-use hotel and residential tower, called Dubawi, will feature 500 hotel rooms, serviced apartments which share amenities with the hotel, and more than 500 apartment units and penthouses.
The concept was developed by N Studio, the architectural and interior design practice of London-Based residential developer Northacre.
Jassim Alseddiqi, chairman of Shuaa Capital, said: “The steady roll-out of our strategic growth plans in the first half of 2017 has seen SHUAA begin to chart a new trajectory that leverages our core strengths to create new opportunities for our firm. Dubawi is a bold statement about both the ambition and the capabilities of Shuaa that embodies the optimism we have about our firm’s future outlook.”
The development scheme will be managed by Shuaa’s real estate asset management division, which currently manages assets in excess of AED3 billion, including real estate projects spread across both the UAE and Saudi markets.
Fawad Tariq-Khan, general manager of Shuaa Capital, said: “Located adjacent to Dubai’s iconic Sheikh Zayed Road and near to many of the city’s key commercial and leisure hot spots, Dubawi will evolve into a landmark in its own right thanks to its scale, world-class design and amenities. We are excited to move forward with this project, which will build on SHUAA’s experience in real estate while opening up new frontiers in a key sector of the UAE economy.”</p
