Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

MAG Group signs joint venture with Dubai Healthcare City to develop Dh800m project  Join our daily free Newsletter

MENAFN - Khaleej Times - 01/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Dubai-based MAG Group has signed a joint venture (JV) agreement with Dubai Healthcare City to develop approximately one million square feet mixed-use project in Dubai Healthcare City at an estimated cost of around Dh800 million.



The development which is still at the concept design stage is expected to include two hospitals covering a total of 260,000 square feet, plus an 80,000 square feet clinic; a residential complex of four buildings with combined gross floor area of 430,000 square feet; a hotel apartment with a gross floor area of 80,000 square feet and 100,000 square feet of retail space



The development will also include a mosque and one of the most advanced automated car parks and extensive hard and soft landscaping. It is envisaged that the whole project will be completed by the end of 2016



Addressing officials from DHCC, Moafaq Al Gaddah, Chairman of MAG Group, said: "The healthcare sector in Dubai is on the cusp of a sustained period of growth and will need to build medical facilities for the future. This expansion is being fuelled by numerous factors



"First the natural growth in the local population and in the number of expatriate arrivals as the economy expands, looking ahead to Expo 2020. Two, the growth of private health insurance due to changes in government employment policy and Dubai's growing status as a medical tourism hub for the Middle East," he added



The feasibility of the project needs little explanation. According to the DHA, total inpatient visits to healthcare centres grew by a CAGR of 9 per cent, between 2006 and 2011 totalling 183,000 visits in 2011. By that time almost 57 per cent of all inpatient facilities were in private hands, as inpatient visits to private healthcare centres grew by a CAGR of 18 per cent over the same period and a clear sign of changing preferences in Dubai



It is a similar picture for outpatient care. Outpatient visits to private healthcare centres grew by a CAGR of eight per cent between 2006 and 2011. The private sector now dominates outpatient care, with 73 per cent of all outpatient visits in 2011



Underscoring MAG Group's commitment to Dubai, the Healthcare City project announcement comes hard on the heels of MAG Group's recent flurry of announcements at Cityscape Global last year



At the show, MAG Group unveiled a quartet of new Dubai freehold residential and retail leasing projects



These included an Dh2 billion development in Meydan, consisting of residential townhouses and low-rise apartment buildings and an Dh450 million retail area specialising in interior design and decorative products



Located in the emerging suburb of Al Barsha 2 and branded the Art Center, it is scheduled for handover in 2015

 


Khaleej Times




  MENA News Headlines
 Jul 2 2015 - OIC condemns terrorist attacks in SinaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Organisation of Islamic Cooperation, OIC, has condemned the terrorist attacks on military checkpoints in Northern Sinai, Egypt, on Wednesday, which resulted ...

 Jul 2 2015 - Ajman Ruler, Crown Prince receive more Ramadan greetingsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, last night received Sultan bin Saeed Al Mansouri, Minister of Economy, and ...

 Jul 2 2015 - UAE- Department of Tourism and Commerce Marketing hosts English-Language lecture on SundayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The ongoing lecture series hosted as part of the activities of the 14th Dubai Ramadan Forum, organised by the Department of Tourism and Commerce Marketing, DTCM, ...

 Jul 2 2015 - UAE Embassy in Senegal distributes 800 food packagesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Senegal has overseen the process of distributing 800 food packages to needy families in Gambia, provided by the Khalifa bin Zayed Al Nahyan ...

 Jul 2 2015 - Dubai launches "Health of the Fasting" campaign as part of Ramadan ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As part of the activities of the 14th Dubai Ramadan Forum, Dubai yesterday launched the 'Health of the Fasting' awareness programme, providing free medical ...

 Jul 2 2015 - President, VP, Mohamed bin Zayed send greetings to Governor-General of CanadaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to David Johnston, Governor-General of Canada, on the occasion of his ...

 Jul 2 2015 - UAE Embassy oversees implementation of Iftar Project in Thailand and CambodiaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Thailand has overseen the implementation of the Iftar project in Thailand and Cambodia. The Iftar project is implemented by the Khalifa bin ...

 Jul 2 2015 - UAE- NEC begins media accreditation process for coverage of FNC 2015 ElectionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The National Election Committee has opened the accreditation process for media representatives who will be covering the Federal National Council, FNC, Elections ...

 Jul 2 2015 - DEWA introduces Al Namoos service for consultants and contractors to connect up to 150KW within 10 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Electricity and Water Authority, DEWA, has launched its Al Namoos, an Emirati word that describes a race winner, service. This latest initiative, ...

 Jul 2 2015 - Dubai Silicon Oasis and SAP Training and Development Institute join hands to support tech start-upsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, yesterday signed a sponsorship ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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