Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Emaar, DWC ink mega joint venture  Join our daily free Newsletter

MENAFN - Khaleej Times - 12/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Emaar Properties and Dubai World Central, or DWC, announced on Wednesday a joint venture to develop an integrated urban centre and golf destination at a prime location at the world's first purpose-built aerotropolis, which is home to Expo 2020 and the Al Maktoum International Airport.

Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation and President of Dubai Civil Aviation Authority, and Mohamed Alabbar, Chairman of Emaar, signed a memorandum of understanding to jointly develop the premium lifestyle development.

According to a statement, the new development reflects the need for more strategic projects that can meet the growing demand for luxury residences resulting from the ongoing increase in the number of senior investors, executives and employees at Dubai World Central.

The DWC-Emaar JV project, the first of the key infrastructure development projects to be announced following the UAE's winning of the World Expo 2020 hosting bid, is being developed in line with the theme of the Expo - 'Connecting Minds, Creating the Future' and its three subthemes - 'Mobility, Sustainability and Opportunity.'

The development is spread over an area of 13.63 million square metres with the first phase of the project to include a golf-course villa community, several hotels, a high-end shopping mall, leisure attractions, and a business hub that promotes youth entrepreneurship.

Shaikh Ahmed said the joint venture would work together to deliver a remarkable new work, live and play destination. "Through the joint venture with Emaar, we look forward to benefit from Emaar's specialisation and experience that they have demonstrated to creae truly world-class projects. In the coming future, Dubai World Central will witness several new projects to build an integrated city. Dubai is now focused on building world-class infrastructure to ensure that we deliver the promise of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to host the best Expo the world has witnessed."

Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation, said Dubai World Central is committed to delivering the vision of the UAE's leadership to astonish the world through the World Expo 2020. "A master-planned lifestyle community is central to our development approach, whereby we are creating elegant living spaces for Dubai's residents and visitors. The new lifestyle development in Dubai World Central will be a significant addition to the city's residential, retail and hospitality infrastructure."

Mohamed Alabbar, Chairman of Emaar Properties, said with a number of hotels and retail choices, in addition to a dedicated villa community set around a golf course, the new development will be another sterling addition to Dubai's mega-developments for the future.

"We are now realising our dream of delivering the world's best airport city. In 2013, the AMIA opened its passenger services linking them with successful cargo and logistics services; the Dubai Airshow was held at DWC; and the Expo 2020 will also have its home at DWC. Many international companies have also set up operations at DWC. The Urban Centre & Golf District is further proof that DWC is shaping up the world's foremost aerotropolis," said Rashed Buqara'a, Chief Operating Officer, Dubai Aviation City Corporation.


Khaleej Times

  MENA News Headlines
 Nov 27 2015 - Qatar- Buoyed by strong buying, QSE snaps four days bearish spellGulf Times
(MENAFN - Gulf Times) Snapping four days of bearish spell, Qatar Stock Exchange gained a marginal 11 points, mainly on buying in the transport, realty and insurance stocks.Domestic institutions ...

 Nov 27 2015 - Saudi Aramco plans to invest more in Indonesian oil sectorGulf Times
(MENAFN - Gulf Times) Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said yesterday, after initiating a ...

 Nov 27 2015 - Despite $500bn loss, Opec seen holding the line at Vienna meetGulf Times
(MENAFN - Gulf Times) It'll take more than $40 crude to make Opec change its mind, analysts said before the group's December 4 meeting in Vienna.In the year since the Organisation of Petroleum ...

 Nov 27 2015 - Qatar- WTCC season finale set to light up Losail circuitGulf Times
(MENAFN - Gulf Times) This time at the Losail International Circuit, the screeching wail of the MotoGP and the WSBK motorcycles will be replaced by the guttural exhaust note of the touring cars ...

 Nov 27 2015 - UK- Time to start bombing IS, Cameron tells lawmakersGulf Times
(MENAFN - Gulf Times) Prime Minister David Cameron told lawmakers yesterday it was time to join air strikes against Islamic State militants in Syria, saying Britain cannot "subcontract its security ...

 Nov 27 2015 - Blogger case still before Saudi courts: ministerGulf Times
(MENAFN - Gulf Times) The case of Saudi blogger Raif Badawi, whose flogging sentence created worldwide outrage, is still before the courts, Foreign Minister Adel al-Jubeir said on Thursday."The legal ...

 Nov 27 2015 - Palestinian hits Israeli soldiers with car in West Bank, shot deadGulf Times
(MENAFN - Gulf Times) A Palestinian rammed his car into Israeli soldiers at a bus station in the occupied West Bank Friday before being shot dead, police said. "A Palestinian car hit two Israelis ...

 Nov 27 2015 - Envoy meets head of Qatar-EU Friendship GroupGulf Times
(MENAFN - Gulf Times) Qatar's Ambassador to Belgium and head of Qatar's mission to the European Union, HE Sheikh Ali bin Jassim al-Thani, met at the European Parliament the head of the ...

 Nov 27 2015 - Qatar- Traffic diversion for 2 years in Al Rayyan areaGulf Times
(MENAFN - Gulf Times) A traffic diversion for almost two years will come into effect on Gharrafat Al Rayyan Street between Gharrafat Al Rayyan Roundabout and Qatar Foundation (Civil Defence) from ...

 Nov 27 2015 - KSA's Aramco plans to spend big-cash in IndonesiaMENAFN
(MENAFN) Saudi Aramco seeks further investment chances in Indonesia's downstream refining and petrochemicals industry, amid its recent USD5.5 billion development to enhance Indonesia's biggest ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help