Deyaar Development has signed an agreement with the Investment Corporation of Dubai (ICD), to assume the development and management rights for One Za’abeel, a 36-storey mixed-use development in Dubai.

Under the agreement, ICD will continue to own the project, which will be developed and managed by Deyaar.

One Za’abeel was launched in June 2008 in line with ICD’s vision to identify and develop unique opportunities that will enhance Dubai’s position as an international city of excellence.

Construction at the site is set to commence shortly with completion scheduled for 2011, said the company.

In a first for the region, a highway will run through the development. One Za’abeel will also be in close proximity to two Metro stations.

Source: Trade Arabia News