Bawadi, announced as the largest hospitality and leisure development in the world in 2007, is being revived in Dubai, Dubai Holding Chief Executive Officer told Emirates 24|7.
“The Bawadi project, a joint venture between Dubai Holding and Emaar, is currently in its early stages and progress will be communicated in due course,” Fadel Al Ali said.
No other details were shared.
Launched in October 2007, Wam reported the Dh60-billion signature development would be an equally-owned venture wherein Bawadi, a member of Tatweer, owned by Dubai Holding, would contribute 70 million square feet of land (worth Dh3.85 billion) in lieu of its ownership interest, whilst Emaar would contribute Dh3.85 billion in cash to the joint venture.
Bawadi in Dubailand, located in close proximity to Arabian Ranches, was envisaged as the longest chain of luxury hotels in the world along a 10-kilometre stretch which will add 51 luxury hotels and more than 60,000 rooms to Dubai. The highlight was the 6,500-room Asia Asia Hotel & Resort.
The project was to have a total built-up area of 60 million square feet, 2.7 million square feet of commercial space and a shopping mall and high street retail properties with a total of 3.2 million square feet of retail. The Boulevard, Wam said, was to be fringed by six hotels offering 5,150 keys and 1,200 serviced apartments.
The project’s residential community was to have 18,000 residences with green parks and lakes being an integral part of the development. It was put on hold during the global financial crisis.
Currently, Dubai Holding and Emaar are jointly developing Dubai Creek Harbour, which was relaunched in 2014, which will house the 928-metre 'The Tower', the tallest tower in the world.