Officials in Dubai have announced a new, $270-million project to build homes and shops along part of the under-construction Dubai canal.

The project called Marasi Business Bay will be built by Dubai Holding, a conglomerate controlled by the emirate's ruler, Sheikh Mohammed bin Rashid Al Maktoum.

Dubai Holding said on Tuesday the project will include a 12-kilometer (7.5-mile) promenade, five marinas, restaurants and waterfront homes. It says the promenade would be completed by September, while the total project would be built by 2023.

Business Bay is a neighborhood of high-rise residential and commercial towers near downtown Dubai and the Burj Khalifa, the world's tallest building.

The development comes as Dubai again has begun a series of high-profile projects after its financial crisis of 2009.