Kuwait Remal Real Estate Co. plans to start this year a mall and hotel project in Dubai at an estimated cost of 1 billion UAE dirhams ($272.3 million), Kuwait-based Al Anba daily reports citing an executive.
Part of the project's funding will be secured from Emirati and Kuwaiti banks and Remal is in talks with some of them for this purpose, Dirar Al Nassar, the property developer's chairman, said according to the newspaper. He added that the rest of the financing will be provided from his company's own resources.
The project was subcontracted from a Kuwaiti company and will be executed on a 25-year build-operate-transfer, or BOT, basis, the daily cites Mr. Nassar as saying.
Dow Jones Newswires