(MENAFN) Dubai-based developer Deyaar Development has pledged minimum earnings for investors in its new Midtown project near Dubai's Jebel Ali, as it launches the first phase.

The giant developer announced that it is currently holding talks with an unnamed shariah-compliant bank to finance 30 percent of the total USD817 million cost of the scheme.

Deyaar is expected to recollect at least half the scheme for leasing, and the cost shortfall to be covered by phased sales of units over the next 3-5 years, its CEO told reporters.

The first phase of Midtown is called Afnan District and opened to prospective investors from this week. It comprises 659 apartments ranging from circa-400 sq ft studios to 2,000 sq ft.