China’s Citic, MAG Group to Work on $6 Billion Project in Dubai

Chinese state-owned conglomerate Citic Ltd. signed a memorandum of understanding to help finance the development of a planned 22 billion dirham ($6 billion) development in Dubai that’s set to add thousands of homes to the city’s booming market.

Dubai’s MAG Group and Citic will develop Keturah Ardh, which spans 18.47 million square feet in Dubai’s Al Rowaiyah First District, according to a statement. The development will include low-rise towers, villas, offices, retail space as well as an AI university and a school, according to Talal Al Gaddah, senior executive vice chairman of MAG Lifestyle Development. He said the plan was for Citic to provide some of the construction financing.