Dubai-based developer Deyaar Development announced on Wednesday that its board of directors has approved the launch of a new project in the Business Bay area. 

The disclosure was made in a statement to the Dubai Financial Market. 

A company official confirmed with Zawya Projects that the new project would be a residential development. He said further details about the project, which is in advanced planning stage, would likely be announced during the third quarter. 

Last month, Zawya Projects had reported that Deyaar is planning to announce a new residential project in 2021. 

Meanwhile, the DFM statement said Deyaar’s board of directors has accepted, in principle, an offer from fellow Dubai developer Limitless to amicably settle, through land plots and cash, the legal execution proceedings initiated by Deyaar after the courts ruled in its favour against Limitless in a land dispute case. 

(Reporting by Anoop Menon; Editing by Seban Scaria) 

(anoop.menon@refinitiv.com) 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021