The development of Dubai Maritime City, the world's first purpose-built maritime centre and part of the Dubai World Group of companies, is expected to be completed on schedule as it continues to achieve major milestones.
Infrastructure for the Industrial Precinct of the maritime development is set to continue significantly during 2009, making it fully operational ahead of schedule with 85 per cent of the work complete.
Groundwork for the Commercial Precinct is at 65 per cent, while roadwork is in the final stages. The whole project is expected to be fully operational by 2012 as originally scheduled.
Dubai Maritime City is currently in the middle of productive dialogue with local and global maritime interests to determine key areas to be considered as the development prepares to assume its strategic position as the Middle East's maritime hub.
"Despite the current economic challenges, the progress of Dubai Maritime City is well on track," said Khaled Meftah, Director – Property, Dubai Maritime City. "With the infrastructure work in the Commercial Precinct currently in the final stages, several real estate developers are starting to mobilise on some plots, which is a significant development, and takes us one step closer to creating a regional maritime hub, which will complement Dubai's expected emergence as one of the world's most competitive maritime clusters."
The 2.27-million square metre Dubai Maritime City is divided into Maritime Centre, Industrial Precinct, Academic Quarter, Marina District, Harbour Residence, and Harbour Offices.
Different components of the city will be launched at different stages, such as the DMC Academy, which will be finished earlier. The appeal of the development remains solid as the global shipping industry is accustomed to the cyclical nature of both the business and the worldwide economy.
A number of Dubai and the maritime world's leading developers are involved in the project, as it targets one of the world's oldest and most important industries.
"Our project is progressing steadily, and we are pleased to highlight that we will be building the first tower in the development that will adapt green building principles," said Abid Junaid, Executive Director, ETA Star.