His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has given the go-ahead for a number of ambitious development projects by the Investment Corporation of Dubai (ICD) over the coming three years.
Accompanied by Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Sheikh Mohammed was briefed on the design concepts and architectural master plans of the projects by the Director of Dubai Ruler's Court and ICD CEO Mohammed Ibrahim Al Shaibani and a team of engineers during a special demonstration at the Atlantis - Palm Dubai Hotel and Resort.
Sheikh Mohammed gave directives that the projects be fully implemented by 2018.
Consisting of 800 rooms, suites and 250 luxurious hotel apartments, the Royal Atlantis Resort on the Palm, Dubai will cost approximately $1.5 billion. The project will also house recreational, entertainment and services facilities built to the highest international standards.
In his briefing, Al Shaibani said the first phase of the Dh8-billion Dubai Waterfront mixed-use project is expected to be completed by end of 2016. The first three phases of the project will spread on an area of approximately 820,000 square metres and will include parking lots for 6,000 vehicles.
Sheikh Mohammed was also briefed on the One Za’abeel project which will be located between the Dubai World Trade Centre and Za’abeel Park and will consist of two towers (residential and commercial) linked by a suspended bridge. One Za’abeel will have an approximate cost tag of Dh2.5 billion and will include 550 residential units, two hotels and 130 hotel apartments.
Attending the presentation were Dubai Director of Protocol and Hospitality Khalifa Saeed Suleiman and Meraas Holding chairman Abdullah Al Habbai and a number of engineers.
The briefing also included the Warsan project with an estimated area of one million square metres located on Aweer Road. The project includes 2,100 residential units and a school that can accommodate 3,000 students. The first phase of the project is expected to be completed within three years with an approximate cost of Dh2.5 billion.
ICD-Kerzner resort in China
On another note, the Investment Corporation of Dubai also teamed up with Kerzner International Holdings to construct Atlantis resort in China. The Atlantic Hotel and Resort in Sanya city in Hainan Province, China, is set to be the first luxurious resort of this size in China, and the third in the world. It will be constructed on more than 60 hectares of land with expected completion on 2016.
Sheikh Mohammed praised the quality architectural designs of the projects undertaken by the Investment Corporation of Dubai and its role in developing and diversifying revenues. His Highness said that large-scale projects like these stand proof to the strength of UAE’s economy.
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