Kuwait’s Abyaar Real Estate Development, backed by Aayan Leasing and Investment Company and Al Rashdan Group, has entered the UAE market with plans to invest up to $1.4 billion in Dubai over the coming year.

The company’s Dubai projects will impact the emirate’s residential, commercial, hospitality and retail segments and will be phased in over the coming 12 months, it said.
The first projects coming from the company are two upscale serviced apartment projects at the Dubai Marina.
Abyaar has invested more than $150 million in the luxury serviced apartment towers Pier 24 and Pier 8 and is in final negotiations to have the facilities managed by a first-class brand of Rezidor SAS Hospitality – the fast-growing, Brussels-based hospitality company.
Investing in compliance with Shariah law, Abyaar will build mixed use projects with innovative architecture and interiors.
Both properties will feature state-of-the-art facilities including separate gymnasiums and swimming pools for men and women, children’s play area, retail outlets as well as restaurants and cafes. There will also be secure underground parking.
Abyaar’s drive for quality led to the appointment of award-winning architects, KEO International as designers of Radisson SAS Residence, Pier 24.
Consultant design for Pier 8 is being undertaken by WS Atkins, which delivered consultancy for Dubai’s signature Burj Al Arab and Jumeirah Beach Hotel projects.
The interiors of both properties will be conceptualised by Milan's Matteo Nunziati, who has designed some of the most prestigious hotels in Italy and Switzerland.
Pier 24 is expected to be completed in the summer of next year and Pier 8 will ready in June 2008.