Dubai-listed real estate developer Deyaar Development plans to add a 70-story high-rise building to Dubai’s skyline while continuing to expand its portfolio in the emirate. Construction of the Dirham 1 billion (US$272.5 million) Regalia Tower in Business Bay will start next month. Deyaar expects to deliver high-quality residential projects in 2024, it said in a statement to the Dubai Financial Market. It did not state how it plans to fund the project.

CEO Saeed Al Qatami said that Regalia will become Deyaar's flagship skyscraper and will set a new benchmark for high-end urban life in the city center. He added: “We expect the project will attract investors” because it provides smart city technology and seamless connection with Dubai’s major arterial roads such as Khalil Road and Sheikh Zayed Road. As the commercial and tourist center of the Middle East, Dubai has some of the most famous high-rise buildings in the world, including the Burj Khalifa, the tallest building in the world, and the Burj Al Arab hotel built on man-made buildings. The island is 321 meters high, 14 meters higher than the Eiffel Tower, and only 60 meters shorter than the Empire State Building.

The UAE's real estate market has weakened due to the three-year oil price plunge starting in 2014 and the Covid-19 pandemic that led the global economy into its worst recession since the 1930s. However, economic support measures and government initiatives, including retirees visas and the expansion of the 10-year golden visa program to encourage foreign professionals to settle in the UAE, have helped to improve sentiment.

The 2020 Dubai World Expo and the emirate’s new remote work visa are also expected to drive demand for real estate. Dubai’s 2040 city master plan aims to make the city the most livable city in the world and will further promote its real estate market. Founded in 2002, Deyaar has developed projects in the Emirate’s Business Bay, Dubai Marina, Al Barsha and Jumeirah Lake Towers areas. Earlier in 2021, it announced the handover of the 478 residential unit project Bella Rose development project in Dubai Science Park.

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It said in April that the construction of the third and fourth phases of the housing project in the city will also proceed as planned, and that the project will add 11 buildings. Deyaar is majority-owned by Dubai Islamic Bank, the largest Sharia-compliant bank in the UAE. It reported that its net income in the first quarter increased five-fold to 15.1 million dirhams ($4.14 million) due to increased project delivery revenue. ). Editor/XuNing