RTA inks Dubai Water Canal deal
The Roads and Transport Authority (RTA) has signed an agreement with Meydan Group and Meraas Holding whereby the two companies will undertake the construction of the real estate developments around the two banks of the Dubai Water Canal stretching from the Business Bay district and crossing the Sheikh Zayed Road up to Jumeirah Park with an extension to the existing park.
The Canal passes across Al Safa Park, Al Wasl Road, Jumeirah 2 district, and Jumeirah Road before terminating at the Arabian Gulf near Jumeirah Beach Park. The real estate developments include hotels, shopping mall as well as several retail and dining outlets, and residential units.
The Agreement was signed on behalf of the RTA by Mattar Al Tayer, Chairman of the Board and Executive Director of RTA, and for Meydan Group by Saeed bin Humaid Al Tayer, Chairman of the Board & CEO of Meydan Group, and for Meraas Holding by Abdullah Ahmed Al Habbai, Group Chairman of Meraas Holding.
Mattar Al Tayer said, “The RTA will cater to the drilling works of the canal, as well as the construction of crossings, roads and pedestrian paths. The project works have been divided into three contracts. The first and second contract relate to the construction of crossings over the Canal linking with the key roads intersecting the canal course which are the Sheikh Zayed Road comprising 8 lanes in each direction, in addition to Al Wasl Road and Jumeirah Road comprising 3 lanes in each directions apiece. Bridges rise 8.5 meters above the water level to allow free navigation 24/7.
“The third contract relates to drilling and landscaping works in addition to the construction of pedestrian crossings, and 4 marine transport stations to ease the movement of the public and promote the mass transport and tourist business. The marine transit modes are expected to ferry more than six million passengers per annum according to the plan mapped out in Dubai.”
Mattar Al Tayer said, “The RTA will carry out several improvements in main roads intersecting the Canal in addition to some works in the surrounding areas such as Jumeirah and Al Safa.”
There will be four pedestrian crossings over the Canal; one of them contains retail and dining outlets. Dedicated lanes will be provided for practicing light sports such as jogging and cycling along both sides of the Canal. Landscaping works will also be undertaken on both sides of the Canal offering greens, sitting areas and various types of relaxation and tourist facilities, added Mattar Al Tayer
Meanwhile, Humaid Al Tayer, said, “Our development will generate over 80 per cent of waterfront property, which is planned in a sensitive manner to preserve the beauty and public community amenity of Safa Park. The Jumeirah Beach Park will increase by 25 per cent with additional length of public beach.”
Al Habbai said, “This project will help further increase investor interest in Dubai’s real estate market, as well as provide growth in job opportunities.”
The Dubai Water Canal project is a symbol of the innovative spirit of the Emirates to create peerless opportunities for community enrichment and growth. The development provides over 14 million square feet of exemplary retail, dining, hospitality and residential lifestyle along an exhilarating esplanade that borders a splendid canal, which connects Jumeirah Beach to the Business Bay. The project, which is expected to attract 30 to 36 million visitors per annum, comprises of recreational and sport facilities capable of constituting an important addition to the Dubai tourist map, creating an attraction for entire community spanning citizens, residents and tourists.
The Dubai Water Canal project will be the consummate destination development for regional and international tourist as well as the residents of the Emirates showcasing ingenuity, leadership and creativity.
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