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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
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(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

 






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