Dubai Holding-Emaar joint venture

Dubai Holding and Emaar Properties on Monday announced a new joint venture to develop The Lagoons, a waterfront city within the multi-billion-dollar Mohammed Bin Rashid City (MBR City).

A master development, which will be over three times the size of Downtown Dubai, will cover an area of six million square metres (over 1,482 acres).

In a joint statement, Mohamed Alabbar, Chairman of Emaar Properties, and Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, constantly reminds us that Dubai has achieved less than 10 per cent of its development potential. Dubai has always been a forward-looking city, and today, as we enter our next phase of growth led by our youth, it is important that National Champion companies such as Dubai Holding and Emaar work jointly to launch projects that are important to boost the city’s future development.

 “As the city further underlines its credentials as a global hub by welcoming professionals and entrepreneurs from around the world, and led by the Dubai Tourism Vision to record 20 million visitors by the turn of the decade, it is important to continue to build our world-class infrastructure to meet future needs. The project, which will be a new catalyst for growth and create robust opportunities for commerce and entrepreneurship, will set new benchmarks in urban development, with its focus on the tech-savvy and connected youth population who are taking centrestage in driving Dubai’s impressive growth.

“We are thus creating a vibrant destination that will not only address their lifestyle requirements of modern retail, entertainment and hospitality, but also connect them to their Arab heritage. This prestigious development fulfills His Highness Sheikh Mohammed’s vision by creating a world-class infrastructure that will firmly establish Dubai as one of the Top 10 global cities by 2020. Truly world-class in design, it will be an inspiring work, play and live environment with several iconic developments, further driving the city’s growth.”

In May, Emirates 24l7 reported that Dubai Holding will be reviving The Lagoons through a joint venture.
 
“Dubai Holding confirms its commitment to revive The Lagoons project. We will be working jointly with another real estate developer to deliver the project. Details on the project will be announced in due course,” a company spokesperson had said.

An iconic skyscraper

The centerpiece of the development will be the Dubai Twin Towers, a mixed-use development, which is envisaged to join the rank of the world’s most prestigious skyscrapers.

The fully integrated community will have a central business district, an entrepreneurial zone, cultural amenities, residences, premium and affordable luxury hotels, educational facilities, healthcare centres, a waterfront shopping mall and a wide range of leisure choices. All these key components of this world-class development are designed as inter-connected districts, around waterfronts and green boulevards.

The Lagoons stretches from the banks of the Dubai Creek, through central parcels of land linked to Al Khail Road and across Ras Al Khor.
The development will create distinctive neighbourhoods that will be pedestrian friendly and will be supported by several sustainable transport modes including a direct link with Dubai Metro’s Red and Green Lines, an eco-tram system, light monorail, and water taxis.

The sweeping waterfront of the project will be lined by retail and commercial with the residential zones built around two central parks. The “green” theme will further resonate in several environmental-friendly features including eco-resorts, water features, and gardens. A number of small marinas will also be developed across the waterfront, providing the entire spectrum of lifestyle choices for residents and visitors.

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