Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai Municipality and Emaar Properties sign MoU to develop mixed-use beachfront development in Al Mamzar  Join our daily free Newsletter

MENAFN Press - 15/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Emaar Properties PJSC, the global developer of iconic projects, and Dubai Municipality today announced the signing of a Memorandum of Understanding (MoU) to develop a mixed-used beachfront lifestyle development in Al Mamzar.

Emaar will conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality. Following approval of the masterplan, the two parties will finalise the project management structure.

The project, which is being planned around the 53-hectare (131-acre) Al Mamzar Lake, is expected to draw on the unique lakefront ambience. Among the components being considered for the project are waterfront residences, serviced residences, retail amenities, fountains and water features, and water-themed leisure attractions.

The MoU was signed by Abdullah Mohammed Rafi, Deputy General Manager of Engineering & Planning at Dubai Municipality, Dawood Al Hajri, Director of the Planning Department, and Ahmad Al Matrooshi, Managing Director of Emaar Properties PJSC.

Eng. Hussain Nassir Lootah, Director General of Dubai Municipality, said: "The proposed mixed-use project, which will be developed to the highest standards of sustainability, underlines the strategic vision of Dubai Municipality to drive the all-round growth of the city. Envisaged as a modern lifestyle hub, the project will further drive the economy through its value-added residential, retail and leisure components. Emaar has a strong track-record in developing mixed-use developments, which we are leveraging for developing the project on land owned by the Municipality."

Abdullah Mohammed Rafi added: "As per the MoU, Emaar will conduct the required feasibility and environmental studies, and design a world-class project that is suited to the nature of the land. We will evaluate the report submitted by Emaar to choose a development model that complements Al Mamzar's current status as one of Dubai's most popular leisure destinations. Through the proposed project, we aim to add further value to the area, in turn contributing to Dubai's economy."



Ahmad Al Matrooshi said: "We are thankful to Dubai Municipality for the opportunity to evaluate and propose a mixed-use development model that suits the environmental features of Al Mamzar. Dubai Municipality's initiative to explore the development potential of Al Mamzar will further add to the city's economy by creating another engine of growth in the Deira region. Emaar has proven competencies in undertaking waterfront projects that uphold all environmental guidelines. For the potential new project, we will focus on sustainable development initiatives, which will reflect across all aspects of the development. It will be a great value addition to Deira, and will also create new jobs and supporting ancillary industries."

Emaar's waterfront projects in Dubai include Dubai Marina, the region's largest marina development of its kind, and the ongoing waterfront project along Dubai Creek, developed as a joint venture with Dubai Holding.
Emaar Properties PJSC


About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world's largest real estate companies, Emaar has total assets of nearly US 18 billion and a land bank of more than 226 million sq m in key international markets. With a proven track-record in delivery, Emaar has handed over 37,500 residential units in Dubai and other global markets since 2001. Emaar has over 690,000 sq m of recurring revenue generating assets, and 12 hotels and resorts, with over 1,900 rooms. Today, over 55 per cent of the company's revenues come from its shopping malls & retail and hospitality & leisure subsidiaries and international operations. Burj Khalifa, the world's tallest building, and The Dubai Mall, the world's largest shopping and entertainment destination, are among Emaar's trophy developments. www.emaar.com

 






  MENA News Headlines
 Jul 29 2014 - New additions to Local Harvest brand of datesKhaleej Times
(MENAFN - Khaleej Times) E dates come from farmers who have contracts with ADFSC and therefore practise date palm farming according to the centres standards.For the next three weeks the Abu Dhabi ...

 Jul 29 2014 - PayTabs to launch online solutions in Bahrain, SaudiMENAFN
(MENAFN) PayTabs, a payment processing solution company co-owned by Saudi Aramco, is set to launch its online payment processing solutions in Bahrain and Saudi Arabia, Gulf Daily News reported.The ...

 Jul 29 2014 - Mobily signs LTE-4G roaming deal with BatelcoMENAFN
(MENAFN) Mobily telecom has signed an LTE-4G roaming deal with Bahrini Batelco to provide customers with advanced Internet services, Arab News reported.This agreement coincides with Eid Al-Fitr ...

 Jul 29 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 29 2014 - Nawras net profit grows 23 in H1Muscat Daily
(MENAFN - Muscat Daily) Omani Qatari Telecommunications Co SAOG (Nawras) on Wednesday said net profit for the first half of 2014 rose 23 per cent, driven by higher earnings before interest, taxes, ...

 Jul 29 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 29 2014 - Air fares rise by 35 as travellers rush to make the most of long breakMuscat Daily
(MENAFN - Muscat Daily) Fares of most airlines have gone up due to the increase in demand during Eid al Fitr holidays. The prices of tickets to different destinations have gone up by nearly 35 per ...

 Jul 29 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

 Jul 29 2014 - Moon sighting expected on Monday eveningMuscat Daily
(MENAFN - Muscat Daily) The crescent of the new moon is expected to be visible on Monday evening across all governorates in the sultanate, marking the beginning of the month of Shawwal, according to ...

 Jul 29 2014 - Pakistan's film industry becomes alive againArab News
(MENAFN - Arab News) HORE: A breed of brand new independent filmmakers is successfully filling the void left by an obsolete industry known as Lollywood.In many ways 2013 was an era-defining year for ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help