Shuaa Capital, an integrated financial services firm, has unveiled plans for a new skyscraper located in the heart of Dubai on Sheikh Zayed Road.

Designed as a mixed-use hotel and residential tower to address demand in the UAE’s residential, tourism and hospitality sectors, the Dh1.5 billion ($408.3 million) 'Dubawi' property will consist of 500 hotel rooms and serviced apartments sharing amenities with the hotel, as well as over 500 apartment units and penthouses.

The concept was developed by N Studio, the architectural and interior design practice of Northacre, London, Shuaa said in a statement.

Jassim Alseddiqi, chairman of Shuaa Capital, said: “The steady roll-out of our strategic growth plans in the first half of 2017 has seen Shuaa begin to chart a new trajectory that leverages our core strengths to create new opportunities for our firm."

"Dubawi is a bold statement about both the ambition and the capabilities of Shuaa that embodies the optimism we have about our firm’s future outlook,” he said.

The development scheme will be managed by Shuaa’s specialised real estate asset management division, which currently manages assets in excess of Dh3 billion ($816.6 million), including real estate projects spread across both the UAE and Saudi markets.

Fawad Tariq-Khan, general manager of Shuaa Capital, added: “Located adjacent to Dubai’s iconic Sheikh Zayed Road and near to many of the city’s key commercial and leisure hot spots, Dubawi will evolve into a landmark in its own right thanks to its scale, world-class design and amenities. We are excited to move forward with this project, which will build on Shuaa’s experience in real estate while opening up new frontiers in a key sector of the UAE economy.” - TradeArabia News Service