Dubai plans new US$20b district in the city

Dubai

DUBAI Holding, the investment vehicle of the emirate's ruler, has announced a US$20 billion project to develop a new district in the city, signalling the emirate plans to keep growing rapidly despite the impact of low oil prices on the region.

But, in an indication of some caution, officials said on Sunday the project would be built in phases in response to market demand, with no specific deadline. They said financing arrangements had not been finalised.