Dubai-listed Kuwaiti firm, International Financial Advisors Company (IFA), has confirmed plans by a subsidiary to develop a property in the UAE worth AED858 million ($233.6 million).

The project, a residential complex, is being planned by a “joint-venture company” owned by the Dubai-based unit of IFA Hotels and Resorts, IFA said in a bourse filing on the Dubai Financial Market (DFM) on Thursday.

IFA Hotels & Resorts develops mixed-use hotel and residential resort properties. Its property portfolio includes Fairmont The Palm and Movenpick Hotel, Jumeirah Lakes Towers in Dubai.

According to the IFA, the JV has already issued a binding “declaration of interest” to build a new residential complex in Dubai.

IFA did not identify the JV company or disclose further details, including the scope of the project.

(Writing by Cleofe Maceda; editing by Seban Scaria)