Dubai-based Tulip Business Developers has revealed it had agreed with Dubai Properties to invest in "The Commercial Gulf" ("Al-Khalij al-Tijari") Project, Al-Bayan newspaper reported on Thursday.
The Commercial Gulf is aimed at providing new capital for commerce and business to the region. Sales of the first stage of this project hit more than Dh4 billion ($1.08 billion), while its total investments are expected to hit about Dh20 billion ($5.4 billion).
According to the agreement between Tulip and Dubai Properties, the company will invest in a land plot of about 300,000 square feet, while the total area of the project is expected to amount to 64 million square feet.
Tulip will construct a tower on this area, in the second half of 2005, while the construction works will include the establishment of 300 housing and commercial units by with an investment of more than Dh250 million ($68 million).
