Dubai Canal update: New retail area being developed
Retail space billboards being developed around the Dubai Canal are up. The boards, now clearly visible along Sheikh Zayed Road, show the retail project being developed jointly by Roads and Transport Authority (RTA), Meydan Group and Meraas Holding, with 8.2 million square feet of open space.
In 2013, it was announced that RTA had tied up with Meydan and Meraas to develop properties around Dubai Water Canal
Under the agreement, Meydan Group and Meraas Holding will undertake the construction of the real estate developments around the two banks of the Dubai Water Canal stretching from Business Bay district and crossing Sheikh Zayed Road up to Jumeirah Park with an extension to the existing park, it was announced.
Read: RTA ties up with Meydan and Meraas
The Dubai Water Canal project will develop over 14 million square feet of retail, dining, hospitality and residential lifestyle along an esplanade that borders a canal that connects Jumeirah Beach to Business Bay.
The project, which is expected to attract 30 to 36 million visitors per annum, comprises recreational and sports facilities capable of constituting an important addition to the Dubai tourist map, creating an attraction for citizens, residents and tourists.
Dubai, considered one of the retail hotspots, has been continuously adding more retail space. Along with developments around the Canal, other prominent announcements like the largest shopping mall in the world in Mohammad Bin Rashid City, a bigger Dragon Mart and Dubai Mall, are expected to change the retail landscape of the city.
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