Cayan Group, the developer of Dubai’s landmark twisted tower, said it planned to develop Dh1.2 billion worth of new real estate projects in Dubai and Riyadh.
The company said it had purchased a plot along King Fahed Road in Riyadh and two plots of land on Umm Suqeim Road in Dubai.
Cayan plans to build upmarket residential and hotel apartment towers on the Dubai plots, and a commercial scheme in Riyadh.
“Our new undertakings at the start of the year are fully aligned with the booming hospitality, residential and office sectors in both cities,” said Ahmed Alhatti, the president and chairman of Cayan Group.
In 2013 the Guinness Book of World Records named the 307- metre tall Cayan Tower as the world's tallest twisted high-rise block.
On Sunday, the property developer Oqyana Real Estate said that it was finally pressing ahead with long-delayed plans to build a set of super luxury floating islands in the Australasia section of Dubai’s ambitious World Islands project. And last week the Dubai developer Danube reported it had sold all 171 town houses it launched in Studio City at its Glitz scheme.
The flurry of announcements comes despite concerns that the slump in global oil prices could reduce demand for new homes in Dubai and across the GCC.
lbarnard@thenational.ae
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