DRAGON City is envisaged as a Chinese-themed retail complex with a total leasable area of approximately 32,000sqm and built-up area of approximately 46,000sqm.
Construction is expected to begin on the southwest area of the Diyar Al Muharraq master plan.
Developers say the area will be landscaped with greenery and water features, car parking and other services.
Roadways and walkways will increase access to all projects, with coffee shops, restaurants and all retail and commercial enterprises following the Chinese theme.
"It is expected to attract more than half a million visitors a year and galvanise the property development industry setting new standards and practices," said Diyar Al Muharraq chairman Abdulhakeem Alkhayyat.
"But perhaps the most significant contribution will be towards the employment market with the creation of a vast number and variety of jobs, as well as infrastructural projects and other requirements."
He said Dragon City would be among the first developments in the Diyar Al Muharraq master plan and would be followed by several more.