The Mohammed Bin Rashid Al Maktoum Foundation (MBRF) has signed a joint-venture (JV) deal with Dubai-based Nshama to develop a new integrated community in Dubai.
Currently in the planning stage, the developers are planning to offer customers residential complexes, hotels, shopping centres, educational institutions, bookshops, healthcare facilities and leisure attractions.
MBRF managing director Jamal Bin Huwaireb said: "MBRF has been actively involved in promoting various cultural initiatives in the city and elevating the status of Dubai as a centre of arts, thus attracting creative minds from around the world.
"As Dubai prepares to host the World Expo 2020, we believe that it is important to create vibrant destinations that add to the city's overall infrastructure."
To be designed by well-known architects, the project will emphasise open green spaces and a pedestrian-friendly layout. It will be built using green building techniques and sustainability features.
Bin Huwaireb added: "The JV project with Nshama is aimed at establishing lifestyle destinations of the future with a focus on sustainability and culture.
"The neighbourhood will also serve as a smart, networked and interconnected community, which will leverage highly energy and water-efficient technologies.
"Nshama will design and develop the JV project that will serve as homes, business centres and cultural destinations."
The central location of the project in Dubai will provide residents with easy access to business and cultural centres of the city.
Nshama CEO Fred Durie said: "Nshama projects are truly self-contained and offer residents all their needs in close proximity.
"We distinguish ourselves at all touch points, from value to amenities, location and sustainability considerations."