The Dubai South master-developer and Deyaar have struck a deal over a project in the new district, according to UAE state news agency WAM.

The new multi-purpose development will be built on an area of 1.27 million sq ft in Dubai South, according to a memorandum of understanding between the two parties.

The new development, which will be owned 50 percent by Dubai South and 50 percent by Deyaar, features residential units, shops, retail outlets and hospitality facilities.

The agreement reflects Dubai South’s profound commitment to building an exceptional destination for living and investment, said Ahmed Al Ansari, Acting Chief Executive Officer of Dubai South, who signed the agreement with Saeed Al Qatami, Chief Executive Officer of Deyaar.

The new partnership will allow Deyaar to meet increasing demand for residential and commercial units and hospitality facilities, Qatami said.

Dubai South is an emerging 145 sq km master-planned city around the new Al Maktoum International Airport.