CITIC (HKG:0267) and Dubai's MAG signed a memorandum of understanding for the $6 billion development of the Keturah Ardh project in the city, according to a Tuesday news release.
The development, located in the Al Rowaiyah First District, marks CITIC's foray into Dubai. It spans about 18.5 million square feet.
The joint development forecasts infrastructure work to be completed by the second quarter and full site mobilization is expected in the third quarter.
Phase 1 of the project, under the Keturah Ardh Couture Art brand, will launch in the fourth quarter.
Phase 2 is set to open in the first quarter of 2026, while subsequent phases will be introduced through to 2027, according to the news release.
Completion is slated within a timeframe of two to seven years.
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