Al Fara'a to invest in Dubai Waterfront

Al Fara'a Properties, a subsidiary of Al Fara'a Construction, Industrial and Property Group, yesterday said it plans to invest within Dubai Waterfront and Dubai Maritime City.

The developer's move comes after studies reveal that the Gulf is currently witnessing more than $100 billion (Dh367.3bn) worth of investments in waterfront developments, which is in tune with ongoing international trends that show up to two thirds of the world's population living in coastal communities.

The company has already announced plans to invest Dh10bn in new projects during the second half of the year, a press statement said without mentioning any details on their Waterfront projects.

Al Fara'a Properties has pledged its support for the Blue Communities, an initiative spearheaded by master developer Nakheel.

The developer is set to announce its projects within Dubai Waterfront and Dubai Maritime City in line with its plans to launch a series of new projects valued at Dhs10bn in the second half of 2008.

Al Fara'a Properties also plans to collaborate with experts to develop standards that govern coastal communities, which will foster new and innovative methods to fully maximise the potential of waterfront mega developments.

The Blue Communities initiative is a breakthrough model that underlines the importance of ensuring a healthy balance in the development of luxury projects and the preservation of marine life, said Natasha Gangaramani, Director, Al Fara'a Properties.

"Accordingly, we have translated our strong support for Nakheel's pioneering concept into a concrete plan to build within Dubai Waterfront and Dubai Maritime City. We are expecting this move to reiterate our commitment as a developer to the resolution of environmental issues by taking into consideration such factors when developing our projects."

Dubai Waterfront is set to extend Dubai's coastal line up to 12 times its current length or by 820km and will provide sea access for trade and entertainment.

Designed to cater to commercial, residential and resort developments, the development will feature over 100 different waterfront projects and over 150 planned communities.

Similarly, Dubai Maritime City is a 227-hectare fully-equipped and, multidimensional maritime centre, which is expected to house 400,000 people upon its completion by the year 2012.

The developer has committed to develop its waterfront projects in line with US Green Building Council guidelines, which are being implemented within these high profile master developments.