DUBAI, March 9 Dubai property developer Deyaar
Development said on Sunday it planned to build a
combined residential and hotel project in the emirate, its first
entry into the hospitality industry.
The 900 million dirham ($245 million) project will comprise
one residential tower and one tower of serviced apartments, the
company said. Construction is to start soon and be completed by
the end of 2016 or early 2017.
Asked how the project would be funded, Deyaar's chief
executive Saeed Al Qatami told reporters: "Deyaar has the
sources (of funding) so far and we do have strong banking
support." He did not elaborate.
(Reporting by Olzhas Auyezov; Editing by Andrew Torchia)