IslamicFinance.de

Deyaar Development is planning to build a Sharia-compliant hotel and furnished apartment tower in the Al Barsha area of Dubai. The company confirmed the project, estimated to cost around AED450 million (US $123 million). Deyaar owns two adjacent plots of land in Al Barsha spanning a total of 71,000 square feet. The project is in the preliminary design stage. Earlier this week, Deyaar launched a new project in Dubai called Montrose, featuring a hotel apartment tower and two residential towers. In March, the company said it had allotted up to one million square feet for hotel and serviced apartment projects in prime locations in the city in the coming years.