Cayan, Shuaa Capital to set up real estate development fund

28/03/2015 06:50 AST

Cayan Group, a Saudi Arabia-based property developer and real estate investment group, has signed a deal with investment firm Shuaa Capital to set up a real estate development fund, according to a report.

The fund will be used for the construction of a Dh1 billion ($272.2 million) residential and hotel apartment project located on Umm Suqeim Road in Dubai, said the Gulf News report.

Cayan will be the main developer of the project, which is due to be completed by the second quarter of 2018, while Shuaa Capital will be the investment manager of the fund, it added.


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