(MENAFN - Khaleej Times) Meraas holdings? jumeirah gardens project the biggest in terms of value is estimated at 89.
huge developments in dubai are expected to drive growth in the economy. — kt file photo
ten mega projects in dubai worth almost 240 billion are set for completion over the next six to 16 years data compiled by meed projects shows.
meraas holdings’ jumeirah gardens project the biggest in terms of value is estimated at 89.5 billion and is due for completion in 2021 followed by dubai holding’s dubai land development valued at 61 billion with a completion date set in 2020 according to meed projects which tracks various construction projects across the region.
the ongoing 16.7 billion dubai world central development that will be completed in 2030 came in next followed by limitless’ downtown jebel ali project estimated at 14.6 billion set for completion in 2020 said the data released ahead of the forthcoming dubai real estate 2020 conference.
“rounding up the top five is the al jadaf area development culture village [arabian bays] project by dubai holding which has a budget of 11.6bn to be completed by 201” said meed.
the landmark projects include the ongoing business bay project currently valued at 11.2 billion which is expected to be fully completed in two years’ time; as well as mohammed bin rashid city which is being developed jointly by dubai holding emaar and meydan sobha at a cost of 11 billion for completion in 2023.
emaar’s downtown dubai development project with a budget of 10.9 billion is expected to be fully realised in 2020 the time when meydan also hopes to complete the full development of its meydan city project at a cost of 7.3 billion. add to this the dubai government’s expo 2020 build-up which will cost 7 billion and will be in place by 2019 meed said in a statement.
“as the market revives there is an imperative need for more accurate real-time and definitive information on dubai’s real estate sector to manage the risk of overheating of the sector” said edmund o’sullivan chairman of meed events the organisers of dubai real estate 2020.
the event will create a platform for dubai’s regulators and leading real estate institutional investors government and private developers lenders advisors consultants and property professionals to discuss issues and identify solutions for the emirate to move towards a more mature real estate market. highlights of the conference include critical discussions by the uae central bank the dubai land department and the real estate regulatory authority on fiscal regulations reducing the dependency of developers on investors and limiting speculative buying as well as a dubai municipality presentation outlining the future real-estate development plans land release programmes and the overall master plan for the city.
the dubai real estate 2020 conference will address the development and sustainable evolution of dubai’s real-estate market — the world’s fastest growing real-estate market according to forbes magazine — with fresh insights from leading local and international property experts.
“the uae property market is currently experiencing an exciting phase in its development with a number of significant projects scheduled to break ground and many already underway. these projects will drive growth in the property market and the wider uae economy including the hospitality and retail sectors. winning world expo 202 added further stimulus to a buoyant economy underpinned by a rising population booming tourism industry and significant environmental cultural and infrastructure projects” said ian albert regional director of colliers international middle east.
business monitor international said in its second-quarter 2014 update that construction projects worth 212 billion are under construction in the uae but only 25.3 billion projects are in the tendering or pre-tender phase.
chesterton an international property agency said projects valued at more than 12 billion had resumed construction work in the uae over the past year-and-a-half. projects worth more than 5 billion have reportedly been awarded during the first quarter of the year and around 23 billion worth of projects are expected to be awarded in 2014. “this clearly reflects the positive sentiment in the investment scenario of the economy which is expected to continue in medium term” chesterton said in a report.
according to estimates by property experts the total value of project awards in the uae will be close to 50 billion in 2014 which is 10 per cent higher than 2013 when projects worth 44 were awarded.