Chinese state-owned conglomerate Citic Ltd. signed a memorandum of understanding to help finance the development of a planned 22 billion dirham ($6 billion) development in Dubai that’s set to add thousands of homes to the city’s booming market.

Dubai’s MAG Group and Citic will develop Keturah Ardh, which spans 18.47 million square feet in Dubai’s Al Rowaiyah First District, according to a statement.

Mag International Investment will be the master-developer of the luxury project, involving collaboration with leading architects, designers, fashion brands and artists from across the globe. Citic will undertake the procurement and construction of the development.

The development will include low-rise towers, villas, offices, retail space as well as an AI university and a school, according to Talal Al Gaddah, senior executive vice chairman of MAG Lifestyle Development. He said the plan was for Citic to provide some of the construction financing.

During the second quarter, MAG will start selling plots of land ranging from 50,000 to 200,000 square feet in size, he said.

Dubai’s property market reversed a seven-year slump in 2020 as the government liberalized visa rules and attracted an influx of high-net-worth buyers from around the world. Residential rents have outpaced prices. The real estate boom has been attracting new Wall Street investors, including Brookfield Corp. and a property manager owned by Singapore’s Temasek Holdings Pte.

At the same time, a wave of Chinese banks and asset managers are ramping up in the Middle East to capitalize on the growth of this oil rich region.