Dubai – Mubasher: Amlak Finance on Monday unveiled plans to develop a mixed-use project (G+14) in Nad Al Hamar area with a total estimated cost of AED 290 million.

The project will be built on an approximate total area of 700,000 square feet in coordination with a prominent asset management company in Dubai, Amlak said in a filing to the Dubai Financial Market (DFM).

The project is scheduled to be completed by 2020, and is projected to positively impact Amlak, the company noted.

Amlak Finance had previously posted a 52% year-on-year drop in net profit for the full-year ended December 2017, recording AED 51 million from AED 107 million.