Emaar in talks over Dubai Creek Harbor

Emaar Properties, Dubai’s largest developer, has said it is in the final stages of negotiation with Dubai Holding, a global investment holding company, to develop a 6.5-million square metre urban district located alongside Dubai Creek and adjacent to Ras Al Khor.

The new project, Dubai Creek Harbor, comprises a central business district and a mix of cultural, commercial, technology, educational, healthcare, sporting, entertainment, shopping malls and residential uses, all designed around a series of lagoons and green boulevards, the company said in a statement to Dubai Financial Market on Sunday.

In December, the companies launched Dubai Hills, the first project in the Mohammed Bin Rashid City, a master development that will include the world’s biggest mall, a theme park with collaboration with Universal Studios and a park larger than London’s 350-acre Hyde Park.

On Saturday, Meraas Holding, a Dubai-based development company, and Emaar formed a joint venture to develop Dubai Hills Estate, a master-planned community, in MBR City. A premium lifestyle community will be set on prime land, spanning over 11 million square metres and will house a series of neighbourhoods set around an 18-hole championship golf course.

Last month, Dubai Holding confirmed to Emirates 24l7 that it is reviving the Dh64-billion “The Lagoons” project on Dubai Creek through a joint venture.

“Dubai Holding confirms its commitment to revive The Lagoons project. We will be working jointly with another real estate developer to deliver the project. Details on the project will be announced in due course,” a company spokesperson had said.

An unnamed source told an Arabic daily said Emaar was likely to join Dubai Holding to develop the project.

In August 2009, Dubai Holding consolidated its real estate companies, bringing Dubai Properties, Sama Dubai and Tatweer under the umbrella of Dubai Properties Group.

Sama Dubai had launched the 70 million square feet waterfront project on the Dubai Creek in April 2006.

The Lagoons will have seven islands, comprising of residential units, shopping centres, office buildings, and marinas. These detached islands will be interlinked with bridges.

In July 2012, Emaar had acquired a plot of land in July beside its Arabian Ranches development from DPG and has already launched two projects - Casa and Mira townhouses.

 

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