A new multi-purpose development will be built on an area of 1.27 mn square feet in Dubai South, according to a memorandum of understanding signed by Dubai South and Deyaar on January 21, WAM reports.

The new development’s ownership will be equally divided between both developers, featuring residential units, shops, retail outlets, and hospitality facilities.

In the memorandum, Dubai South vows to build “an exceptional destination” for living and investment, in the words of Acting Chief Executive Officer of Dubai South, Ahmed Al-Ansari, who signed the memorandum with Deyaar’s Chief Executive Officer.

The memorandum also reflects that Deyaar’s strategic plans are in line with the government’s agenda to establish a vibrant urban community reflecting Dubai’s strong economic growth, Qatami added.