UAE – Mubasher: MAG Holding Group’s real estate unit, MAG Development, has broken ground on its AED 2 billion mixed-use project ‘Mag City’, according to a company statement released on Saturday.

Located at Mohammed Bin Rashid City’s Meydan District 7 in Dubai, Mag City includes 5,100 housing units comprising studios, one- and two-bedroom apartments, in addition to 694 units comprising two-, three-, and four-bedroom townhouses, along with retail and other amenities.

"We will exert our professional experience to build a distinguished project that is in line with the reputation of Dubai and the value of our distinguished partners and the history of our group,” MAG Holding Group’s chairman Moafaq Al Gaddah said.

The UAE-based MAG Development’s project features an area of 48,000 square metres of public facilities, including a private clinic, a nursery and a mosque.

Moreover, Mag City will also comprise 8,000 square metres retail spaces and 84,000 square metres of public parks and green areas. The project is slated for completion in 2022.

"We designed the Mag City project according to a new standard that was studied to ensure the best use of spaces and reduce the cost of service fees and operating costs, which enhances the investment returns for our clients," Al Gaddah commented.

It is worth mentioning that MAG Development awarded a contract for the construction of the Phase One of MAG City to China National Chemical Engineering Group Company (CNCEC).