Maritime City launches Dh2.5bn realty project - Emirates24|7

Maritime City launches Dh2.5bn realty project

Dubai Maritime City (DMC) on Tuesday announced launch of its Dh2.5 billion mixed-use Business District on 227-hectare man-made peninsula between the Drydocks World and Port Rashid.

The 121-hectare Business District will serve as the main business growth engine of DMC, accounting for nearly 90% of its projected total income in 2013. It includes a maritime centre, harbour offices and residences, a marina, an academic quarter and a hotel.

A press statement issued by Dubai World, the parent company of DMC, said work will begin on six new projects in the Business District. They are: Swift Development’s Swiftships Towers, which are office towers, Sheth Developers with the Project ‘Iris Mist’Hotel Apartments & Residences, Kensington Global with a budget hotel Kensington Krystal, Sanali Global’s Sanali Aquamarine Residential Apartments and Dubai Investments Real Estate with a six star hotel. Project mobilization and commencement of construction is expected towards the end of 2012.

Nineteen developers are being considered to handle the development and sale of the commercial and residential units in the Business District. They are: Swift Development, Kensington Global Investment INC, Al Burj Real estate, Dubai Investment Real Estate, Sanali Global Limited, Al Faraa Investment, Sheth Estate International Limited, ETA Star Property Developers, Deyaar Development, Mena Capital Investment, Omniyat Properties Eighteen, Vakson Freehold, Meyadeen, Hemen R E D & General Trading Limited, Mohammed Shafar, Das Holding, Damac, Ismail Janahi, Esam Janahi.

DMC is an integrated development encompassing commercial, industrial, academic, residential and lifestyle components. It is designed specifically to enhance the maritime industry and serve as a unique place for the maritime community to work, live and play.

In March this year DMC completed Phase 1 of its development, the 106-hectare Marine District, with a total of 96 units of different sizes constructed and declared operationally fit. Most of them have already been occupied by major maritime companies. Phase 2 involves additional infrastructure and capacity work, while Phase 3 will see the finalization of all commercial aspects by 2014.

More offices, shops, showrooms, yacht building yards, warehouses and workshop units will be released on completion.

During 2011, Dubai Maritime City reduced its total overhead costs by as much as $41 million, resulting in projected revenues of $116 million for the year. Improved operational efficiencies have seen the marine industrial precinct and Al Jadaf shipyard flourish and on target to increase revenue by 15 per cent for 2012.

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