Blueprint for $60bn project rolled out

Dubai Properties said it planned a $60 billion (Dh220bn) development named after His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Mohammed bin Rashid Gardens would

be built over 7.4 hectares and would include residential, financial and educational buildings, according to a statement.

Dubai Properties will shortly begin work on the project, designed by Eric Kuhne of London-based CivicArts. Kuhne has also been contracted by Kuwait for its $77bn Silk City development.

The economies of Saudi Arabia, the UAE, Qatar and three other oil producers have surged on an seven-fold rise in oil prices since 2002 and the states have invested heavily in realty and development projects.