Consultants are understood to have submitted proposals for masterplanning and infrastructure design on the project.
Umm Ramool is a low-rise district between Dubai International Airport and Dubai Festival City.
Due to height restrictions in the area, any new project is also expected to be low-rise.
Wasl, which is part of Dubai Real Estate Corporation, also plans to redevelop the nearby Ras al-Khor area by building more than 2,500 residential units for its employees.
Wasl is also developing a major new mixed-use development in the World Trade Centre area.
The project, currently known as District 49, is on the land between the new Etisalat building and Zabeel Park (MEED 17:8:08).
Wasl also plans to overhaul the HSBC bank building in the Bani Yas market area of Deira and the Dubai International Marine Club.