Dubai-based real estate investment and advisory firm Prospect has announced a strategic partnership with Mulk Properties, the real estate development arm of global industrial conglomerate Mulk International. Together, they are set to develop “The LX,” a premium commercial project in Arjan, Dubai, valued at AED350 million. The collaboration also includes One Broker Group (OBG) as the exclusive sales partner.
The signing ceremony took place on May 7 at MayaBay, Jumeirah Al Naseem, Dubai. This development comes amid a 24% growth in Dubai’s commercial property market in 2024, with nearly 3,000 office units sold and transactions totaling AED89.9 billion.
The commercial real estate sector was valued at AED156 billion in 2024 and is projected to reach AED207 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.7%.
The LX will feature 71 boutique office units and spacious retail spaces, complemented by a dedicated food and beverage hub. Designed to meet the evolving needs of modern businesses, the project aims to provide high-performance workspaces in a central location near major highways and established communities. The development is currently in the off-plan stage, with a targeted handover in Q1 2027.
Prospect’s co-founder, Rohit Verma, expressed pride in partnering with Mulk Properties, highlighting the alignment of their vision to create purpose-built, high-performance workspaces.
Mulk International’s Chairman, Nawab Shaji Ul Mulk, emphasized the company’s commitment to expanding its real estate portfolio and confidence in The LX becoming a destination of choice for forward-thinking entrepreneurs and investors. OBG’s Founder & CEO, Umar Bin Farooq, noted the project’s promise, citing Arjan’s growth trajectory and connectivity as key factors.
The LX is poised to become a signature address for modern businesses in Dubai, contributing to the city’s dynamic commercial real estate landscape.
