Dubai Holding’s real estate arm Dubai Properties Group has started work on a AED1bn ($272M) waterfront development in Dubai.
The project, named ‘Marasi Business Bay’, will feature a 12km promenade, water homes with boat access, floating restaurants and cafes, leisure and entertainment facilities and five tree-lined marinas.
It will also include more than 100 shops and outlets, spanning about 16,000sq m, and 60,000sq m of park area.
The promenade will be divided into three themed areas, the yacht club with luxury homes, the park and the pier.
According to the developer, the Bay is set to become a major future landmark in Dubai, a unique waterside destination concept in the UAE and Middle East.
H.E. Mohammad Abdulla AlGergawi, chairman of Dubai Holding, said: “The new project will strengthen the historic relationship between Dubai and its creek through the addition of a new dimension to the residential, tourism and leisure offerings along the Dubai Creek.
“Located along the Dubai Water Canal, this waterfront destination embraces the longest water-side promenades, comprising a space rich with green spaces. Our goal is to build a way of life.
“Our approach to the real estate landscape has gone far beyond the construction of towers and buildings, to encompass innovation and creativity; a symbol of the civilization of Dubai and the UAE and an essential instrument contributing to the happiness of the people as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum.”
‘Marasi Business Bay’ will be built in phases, with its first phase, the promenade, to be complete by September 2016, followed by the park and the yacht club. Overall works are set to be concluded by 2023.
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