Hasan Ismaik who resigned from Arabtec on Wednesday, holds a 28.85 per cent stake in the company.
Bids for phase one are due by August 14.
Experts, including the IMF, have called for more regulations to govern transactions in Dubai’s off-plan property market.
Shares in Arabtec, one of the most heavily traded stocks in Dubai, have plunged 48 per cent from their May peak.
Sovereign wealth funds in the region are expected to make the biggest investments, with Europe slated to receive the bulk of the amount.
The move reflects a rebound in investor confidence in the JLT development, says chairman.
Dubai house prices posted the fastest year-on-year rise of any of the world’s major markets in January-March, soaring 27.7 per cent.
The IMF warned that with rent controls recently loosened, there is a risk that rising real estate prices will lead to a hike in inflation in the UAE.
The developer said it has instructed Deutsche Bank to make the payment on the due date of June 15, 2014.
The offices, located at the Business Park Free Zone, will include small, medium and large units.
The UAE’s central bank warned that the emirate’s property market might be overheating.
Villas from the Dhs7 billion residential project will be handed over to buyers in December 2014.
House prices in Dubai soared 27.7 per cent from a year ago in January-March.
The world’s tallest commercial tower, the ‘Burj 2020’ will form the centerpiece of the development.
Prices for the units at NAIA hotel, located on Damac’s 1.3km AKOYA Drive shopping strip, start at Dhs680,000.
Monitoring development in the UAE real estate markets and the banks’exposure to it remains a core financial stability priority, the bank said.
The meetings will be held in Asia, Europe and the Middle East and the sukuk will be sold afterwards, subject to market conditions, Emaar said.
The 10 highest-valued mega-developments in the emirate, according to a report by MEED.
The Dubai developer has joined hands with Germany-based real estate brokerage company Engel and Völkers (E&V).
The fund will acquire existing real estate assets, with a focus on the logistics, social infrastructure and community retail sectors.
Dubai’s real estate authority has also issued an official notice to all registered brokers warning them to refrain from cold calling property owners who do not wish to sell.
Leasing of the properties, which are located on Reem Island, will begin this week.
The 1.3km AKOYA Drive, resembling Rodeo Drive in Beverly Hills and Champs Elysees in Paris, will include F&B options and retail outlets.
The second phase of the project will have over 70 one to three bedroom apartments within a 20-storey tower, Emaar said in a statement.
Emaar said the loan is repayable in seven years and carries a profit rate of 1.75 per cent over the London interbank offered rate (Libor).
Hasan Ismaik, who took charge early last year, previous held an 8.03 per cent stake in Arabtec.
The new loan replaces an existing facility worth $980 million which was raised in 2011 and was secured against Dubai Mall.
Bangalore is also emerging as a property investment hotspot for Indian residents in the UAE, finds new survey.
The emirate saw a 4.5 per cent rise in prices during the first quarter of 2014.
The developer attracted a final order book of more than $1 billion for its five year sukuk.