Emaar Properties, which uses Islamic finance to fund some of its projects, has announced an AED12 billion (US$3.3 billion) eco-friendly project that will be developed near the Mushrif Park in Dubai. Mushrif Heights will spread over 400 hectares and will include villas, townhouses, apartments, parks, walkways and gardens, and will also have amenities such as a school, mosque and retail outlets. Sale of the first phase of the development is scheduled to begin on the 23rd August.