(MENAFN) Saudi-based Cayan Group signed USD272 million real estate funding agreement with Dubai's investment firm Shuaa Capital, Arabian Business reported.
The finance is set for the building of the USD272 million housing and hotel flat scheme situated on the strategic Umm Suqeim Road, according to a statement.
Cayan Group is set to perform as the main developer of the project which will to be completed by the second quarter of 2018. Shuaa will act as the investment manager for the fund, the statement added.
"Our partnership with Shuaa Capital to develop world-class residential and hotel apartment complexes in Dubai confirms our commitment to providing superlative housing options," the president and chairman of Cayan Group said.
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