Prospect, a Dubai-based real estate investment and advisory firm, has entered a strategic partnership with Mulk Properties, a subsidiary of global conglomerate Mulk International, and One Broker Group (OBG), to launch a new commercial development in Arjan, Dubai.
The project, named The LX, is valued at Dhs 350 million and is designed to deliver premium boutique offices and curated retail spaces in one of the city’s fastest-growing areas.
The signing ceremony took place at MayaBay, Jumeirah Al Naseem, Dubai. As part of the partnership, Mulk Properties will lead development efforts, while OBG will serve as the exclusive sales partner for the project.
Growing market for commercial real estate
The LX enters the market during a period of strong growth in Dubai’s commercial real estate sector. In 2024, the market recorded a 24% increase in sales activity, with nearly 3,000 office units sold and transaction volumes reaching Dhs 89.9 billion.
Continued growth is expected due to the increasing number of business registrations with the Dubai Chamber of Commerce and a limited supply of high-quality office space.
According to the UAE Commercial Construction Industry Report 2025, the sector was valued at Dhs 156 billion in 2024 and is projected to grow to Dhs 207 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.7%.
Stakeholders highlight strategic vision
Rohit Verma, Co-founder of Prospect, emphasized the alignment of values and long-term vision between the partners. “Our vision aligns deeply with our partners and together we want to create purpose-built, high-performance workspaces that cater to the next generation of business owners,” said Verma. He highlighted Arjan as a promising district with strong residential and hospitality pipelines and described The LX as a response to the significant market gap in office and retail offerings.
Nawab Shaji Ul Mulk, Chairman of Mulk International, noted that the project continues the company’s expansion into strategic real estate markets. “With Prospect’s strategic involvement, we are confident that our upcoming project The LX will become a destination of choice for forward-thinking entrepreneurs, retailers, and investors looking for both prestige and practicality,” he said.
Umar Bin Farooq, Founder and CEO of One Broker Group, described The LX as a project that addresses current commercial demand. “Businesses are looking for elevated, flexible office environments, and The LX delivers exactly that. With its premium finishes, retail integration, and F&B offerings, it will offer a complete ecosystem for both investors and end users,” he stated.
Project features and timeline
The LX will include 71 boutique office units and ground-level retail spaces, offering modern architecture, high-quality finishes, and amenities such as generous balconies and a dedicated F&B hub. With access to major highways including Sheikh Zayed Road, the development aims to provide high visibility and connectivity for businesses. The project is currently in the off-plan stage, with handover expected in Q1 2027.
This partnership supports Prospect’s goal of investing in design-led, future-ready developments and further diversifies Mulk Properties’ growing real estate portfolio in the UAE.
tanvir@dubainewsweek.com
