Dubai-Mubasher: Saudi-based property developer Cayan Group has signed an agreement with investment firm Shuaa Capital to set up a real estate development fund.

The fund will be used for the construction of a AED1 billion residential and hotel apartment project located on Umm Suqeim Road in Dubai.

Cayan will be the main developer of the project, which is due to be completed by the second quarter of 2018, while Shuaa Capital will be the investment manager of the fund, according to the company’s statement.