Deyaar launches a new luxury skyscraper in Duba's Business Bay

The USD 272.5 million Regalia tower is scheduled for completion in 2024.

Deyaar Development, a Dubai-based property developer, plans to add a 70-storey high-rise to the Dubai's 'family' of skyscrapers and expand its portfolio in the emirate.

Construction on the USD 272.5 million Regalia tower in Business Bay is due to start next month. Deyaar expects to deliver the premium residential project in 2024, the developer said in its statement to the Dubai Financial Market, where its shares are traded. It did not mention how it plans to finance the project.

Regalia will be Deyaar’s 'flagship skyscraper that will set a new benchmark for high-end urban living in the heart of the city', said the company's CEO Saeed Al Qatami.

The developer anticipates that the project will appeal to investors as it offers smart city technology and seamless connectivity to Dubai’s major arteries such as Al Khail and Sheikh Zayed Roads.

Dubai, the Middle East's commercial and tourism hub, is home to some of the world's most famous high-rise buildings. They include the Burj Khalifa, the tallest building in the world and the Burj Al Arab hotel located on a man-made island. The hotel is 321 meters high, which is 14 meters taller than the Eiffel Tower and only 60 meters shorter than the Empire State building.

According to the Council on Tall Buildings and Urban Habitat, other tower blocks in the emirate include Marina 101, Princess Tower, 23 Marina, Elite Residence, The Address Boulevard, Almas Tower, JW Marriot Marquis and Emirates Towers.

Deyaar was established in 2002 and since then has delivered a number of projects in Dubai's Business Bay, Dubai Marina, Al Barsha and Jumeirah Lakes Towers districts.

Earlier this year, the developer has completed the construction and started the handover of the Bella Rose development, a 478 apartments project in Dubai Science Park.

In April Deyaar said the construction of the third and fourth phases of its Midtown residential project, which would add 11 more buildings to the development, was progressing according to plan.

Moreover, Deyaar's net income in the first quarter of 2021 increased fivefold to reach USD 4.14 million as revenue grew on project deliveries.