"Emaar Properties announces plans for a landmark masterplan in the heart of Dubai, with a total development value of AED 200 billion," the Dubai Media Office said, in a social media post.

The development will span 4.5 million square metres and is expected to accomodate nearly 150,000 residents, it added.

Emaar chairman Mohamed Alabbar said in a statement on Instagram that the project would have a view of Dubai's top landmarks.

This includes Burj Khalifa, the world's tallest skyscraper, Burj Al Arab, often referred to as a seven-star hotel, and the Palm Jumeirah, an artificial island shaped like its namesake.

The announcement comes two months after a truce in the Middle East war, which saw Iran pound its Gulf neighbours as retaliation for US-Israeli strikes that decimated its leadership.

Iran launched nearly 3,000 missiles and drones at the UAE -- more than any other country in the region, including Tehran's arch-foe Israel.

Although most of the attacks were intercepted, the shock of war in a region long seen as a safe haven has taken a toll on Gulf economies, including the emirate of Dubai.

The city largely relies on tourists and air travel through its airport for revenue -- and its real estate market was booming before the conflict.

Since a shaky ceasefire took hold on April 8, the Gulf has seen intermittent attacks, though the UAE has been spared since drones launched from Iraq hit a generator at the Barakah nuclear power plant last month.

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Emaar Properties