Dubai South, the largest single-urban master development focusing on aviation, logistics and real estate has signed an agreement with Majid Al Futtaim, a leading developer of shopping malls, communities, retail, and leisure destinations in the region, to develop a landmark mixed-use community at an investment of AED62 billion ($16.8 billion).

Spanning 22 million sq ft, the new master-planned development will feature a diverse mix of residential, retail, and lifestyle offerings, designed to serve the growing population within Dubai South and the surrounding areas.  The project will be anchored by a large shopping mall, set to become a key retail, entertainment, and lifestyle destination.

Located near Al Maktoum International Airport, which is set to become the world’s largest airport upon completion, the development will benefit from seamless connectivity to key highways and major transport corridors, within close proximity to Dubai’s major economic and logistics hubs.

The agreement was signed at Dubai South HQ by Nabil Alkindi, Group CEO of Dubai South, and Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding in the presence of Khalifa Alzaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, and Fadel Abdulbaqi Al Ali, Chairman of Majid Al Futtaim Holding.

On the key project, Alkindi said: “This partnership with Majid Al Futtaim marks an important milestone in the continued growth of Dubai South, in line with the Dubai Economic Agenda D33 and our wise leadership’s long-term vision to develop integrated, future-ready communities that support sustainable economic and urban expansion.”