(MENAFN - Khaleej Times) Dubai fund for financial support (dffs) on wednesday announced that it reached a strategic deal with the dubai real estate corporation (drec) to develop the plots of the fund in line with keenness of both parties to support the economic growth of the emirate ahead of the expo 2020.
as per the agreement the first project will be set up along sheikh zayed road. it includes the construction of a modern mall centre and residential complexes. while the drec will develop a number of hotel projects residential units and hotel apartments.
the long-term strategic partnership between the two parties involve other agreements to develop plots of the fund.
abdul rahman al saleh chairman of the dffs said in a statement that the cooperation deal between the fund and drec aims to support the vision of his highness shaikh mohammed bin rashid al maktoum vice-president and prime minister of the uae and ruler of dubai to make dubai the world’s first destination in many sectors including the real estates hospitality and tourism among others to make the emirate a well-prepared city to host expo 2020.