Mohammed approves Dh2bn projects

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday approved a number of tourism, residential and commercial development projects exceeding Dh2 billion in value.

These will be carried out by the Dubai Real Estate Corporation’s (DREC) Wasl Asset Management Group.

The projects were unveiled during a visit by Sheikh Mohammed to Wasl Asset Management Group’s headquarters. He was accompanied by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Dubai Deputy Ruler and DREC’s Chairman Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

Sheikh Mohammed and the accompanying delegation were briefed by DREC’s CEO Hesham Abdullah Al Qassim on the portfolio of assets managed and developed by the corporation as part of its mandate to further enhance the real estate sector in Dubai.

Following the presentation, Sheikh Mohammed viewed the designs of the projects and listened to briefings on the economic and environmental aspects of executing such plans in addition to their positive effect on the tourism sector.

Sheikh Mohammed listened to a presentation on the mixed-use project to renovate Al Maktoum Hospital area in line with the authentic heritage and cultural identity of the United Arab Emirates. The project will include a museum, a public souq, a hotel and a multi-purpose real estate complex.

Also on display, the Jumeirah Beach Club project is expected to become an international icon among beach clubs with its state-of-the-art facilities and a comprehensive unique design that houses a luxurious hotel, spa and private beach villas. Other projects include expansion of the Le Meridien Airport Hotel and development of Al Muraqqabat area.

Sheikh Mohammed expressed satisfaction with the efforts exerted by the Dubai Real Estate Corporation and gave his blessings for the new projects, highlighting the importance of catalyzing the tourism sector and its role in diversifying revenues and creating jobs for UAE nationals.

Sheikh Mohammed stressed the importance of maintaining a vigorous development march that draws from the confidence, belief and capability of our young generation.

Al Qassim thanked Sheikh Mohammed for his support, encouragement and trust in the ability and skill of national cadres. He further added that DREC will commence preparations for project execution by next year.

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