Dubai-based Al Ghurair Properties has announced plans to build Dhs5bn worth of residential developments across the emirate, it announced on Tuesday.
The developments will include 58 buildings with 8,000 residential units and 350,000 square feet of retail space.
The projects will be developed in various areas across Dubai including Deira, Bur Dubai, Al Barsha, Al Qusais, and Al Warqa district, a statement said.
The developer will also offer amenities and maintenance services to the tenants.
Infrastructure work began earlier this year, with the first building due for completion by the end of 2017.
The remaining 57 projects are scheduled for completion by Q4 of 2020, the statement said.
No further details were revealed.
Sultan Al Ghurair, CEO of Al Ghurair Properties, said: “We started these projects with a focus on revitalising the housing segment in Dubai. We identified an upward trend in the present residential market and are currently aiming to optimise the positive turn.”
According to a recent report by real estate agency JLL, it is predicted that there will be an upward trajectory in Dubai’s property sector on the back of an improved economy.
In its third quarter report, the agency confirmed that developers in Dubai have been particularly active in the residential sector, with data suggesting up to 80,000 units could be delivered before the end of 2019.
However, actual deliveries are likely to be below this level, the report added.