Dubai-based developer Omniyat has signed a AED 500 mn (USD 136 mn) facility agreement with Ajman Bank for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay, Trade Arabia reports.

Scheduled for completion by 2020, the AED 1.34 bn (USD 365 mn) project will consist of a luxury hotel, residences and retail development.

The project is a cooperative partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Company – one of Saud Kanoo’s companies.

The project’s official unveil and announcement is due in the first quarter of 2018.

“Construction on site has already begun and we are preparing to announce the world-famous hospitality and lifestyle brand that will take up this space in the heart of the new Marasi development on Dubai Canal,” according to Omniyat Managing Director Mark Phoenix.