The firm said that it will launch a new development on the site made up of standalone villas on 830,000ft 2, with integrated serviced residential apartments on the remaining 75,000ft 2.
GFH said that development work would start on the site later this year, with a view to the project being completed in five years.
The agreement was signed by GFH chairman, Dr. Ahmed Al-Mutawa, CEO
Al Rayes said: "Core to the GFH business is continuing to expand our investments in the UAE market, where we see considerable opportunity both in real estate as well as other sectors."
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