“The Expo 2020 win for Dubai is a significant milestone, and this will definitely translate into exponential growth across a wide array of sectors, namely hospitality, tourism, trade, shipping and logistics as well as real estate,” Khalid Bin Kalban, CEO, Dubai Investments, told Emirates 24|7.
He added: “This overall optimism will translate into investors eyeing long-term investments and growth in all sectors in Dubai. We expect an acceleration in some iconic real estate projects as there will be a spurt in the overall demand from local and international investors. We foresee expectations increase dramatically across the entire spectrum of real estate.”
But even before winning the Expo 2020 bid, Dubai had started laying the foundation for building mega projects. Last week, MEED Projects estimated the total value of contracts awarded in the UAE during 2013 will close out at approximately $30 billion, but 2014 will number of awards increasing to $35 billion.
“We expect this number to increase significantly over the next few years as the market takes full advantage of Dubai’s successful bid,” said Julian Herbert, Director of MEED Projects.
The following mega mixed-use developments will shape the new landscape and skyline of Dubai.
Mohammad Bin Rashid City
Dubai announced development of multi-billion-dollar Mohammad Bin Rashid (MBR) City in November 2012. Comprising four key components, the new city will focus on family tourism, retail, arts and entrepreneurship. The first component focuses on family tourism, and will include a park equipped to receive 35 million visitors and a family centre for leisure and entertainment set up in collaboration with Universal Studios. There will be over 100 hotel facilities to meet the needs of visitors. The second component, focusing on retail, will feature the largest shopping mall in the world, “Mall of the World.” The third component will include the largest area for arts galleries in Mena. The fourth component will see the development of a unique area that will provide an integrated environment for entrepreneurship and innovation in the region.
The new city will be located between Emirates Road, Al Khail Road and Sheikh Zayed Road, and will include Mohammed bin Rashid Gardens Project. It will be connected to Downtown Dubai and Business Bay through a crossing that will be named the “Cultural Crossing” which will include art galleries and create the largest area for arts in the region.
The Dh6 billion Bluewaters Island is set to be one of the largest tourist hotspots in the world. It will feature a demarcated retail, residential, hospitality and entertainment zones and will house Dubai Eye, the world’s largest Ferris wheel. Emirates 24|7 reported earlier that the reclamation work has already started.
The project is being built near Jumeirah Beach Residence with Meraas Holdings being the developer.
Dubai Water Canal
The Dh7.34 billion Dubai Water Canal will connect the Business Bay with the Arabian Gulf passing through the heart of Dubai.
The waterway will stretch 3 kilometers in length and width ranging from 80 to 120 meters. All construction works of the project’s infrastructure including drilling and building bridges is set for completion in 2017.
The canal will add six kilometers to Dubai’s waterfront, while the project will provide an area of over 80 thousand square meters dedicated to public places and vital facilities equipped with many outstanding facilities that meet the expectations and requirements of visitors of all segments of society.
The project comprises new shopping and entertainment centres linked through a uniquely designed bridge, over 450 new restaurants along with a wide array of luxurious marinas for yachts, and four world-class hotels.
At the entrance of the project from Sheikh Zayed Road, an iconic Trade Centre will be constructed comprising four levels, including one underground level and three elevated levels linking the Business Bay with the project zone in a total area of more than 50 thousand square metres.
The project is expected to attract 20 to 22 million visitors per annum.
MBR District One
With a market value of Dh21 billion, Mohammed Bin Rashid City – District One will have 1,500 luxury villas, a 350,000 square meter water park, the largest crystal lagoon body of water in the world with seven kilometre of lagoons and man-made beaches, retail zones, leisure and sports attractions. The project, which will be delivered in four phases, will be completed in six to eight years time. Work has already commenced on the project, which is a joint venture between Medyan and Sobha Group.
Dubai Adventure Studios
Meraas Holding is developing a Dh10-billion destination that focuses on delivering a multi-faceted leisure and entertainment experience to residents and tourists. Located at Jebel Ali, the project will feature five distinct theme parks based on movies, animals and fun characters that shall appeal to all demographics. Dubai Adventure Studios, the first phase of the development plans for which were announced by Meraas in December 2011, will anchor the new destination and is expected to be completed by 2014.
Nakheel will built the Deira project, which being be developed on four existing islands of Palm Deira project.
The project, covering 1600 hectares, will be a waterfront destination, adding over 40 kilometres, including 21 kilometres of beachfront, to Dubai’s existing coastline. The cost of the project has not been disclosed.
Three hectares have been dedicated to hotels and resorts and 424 hectares for mixed-use developments. A night market designed in the style of a Arabic souk will be built, having over 1,400 retail units and restaurants with a number of anchor stores.
There will be an amphitheater with a capacity 30,000 people; a creek marina to accommodate large yachts and a range of additional marinas offering mooring facilities directly outside residences. The island will also have a number of waterfront plots for hotels, resorts and serviced apartments. The three remaining islands will also feature hotels, resorts and residential, commercial and retail units.
Dubai Holding and Emaar Properties will jointly develop The Lagoons, a waterfront city within the multi-billion-dollar Mohammed Bin Rashid (MBR) City.
A master development, which will be over three times the size of Downtown Dubai, will cover an area of six million square metres (over 1,482 acres).
The centerpiece of the development will be the Dubai Twin Towers, a mixed-use development, which is envisaged to join the rank of the world’s most prestigious skyscrapers.
The fully integrated community will have a central business district, an entrepreneurial zone, cultural amenities, residences, premium and affordable luxury hotels, educational facilities, healthcare centres, a waterfront shopping mall and a wide range of leisure choices. All these key components of this world-class development are designed as inter-connected districts, around waterfronts and green boulevards.
The Lagoons stretches from the banks of the Dubai Creek, through central parcels of land linked to Al Khail Road and across Ras Al Khor.
Taj Arabia, Mughal Gardens
Taj Arabia, a replica of India’s Taj Mahal, will be a 350-room hotel and serviced apartments. It will be part of Mughal Gardens development being developed by Link Global Group in Falcon City of Wonders in Dubailand. Taj Arabia will a 350-room hotel and serviced apartments and it will be an all-glass structure. India’s The Leela Palaces, Hotels and Resorts will be managing the hotel.
Source: Emirates 24/7