Dubai Holding unveils Marasi Business Bay project with total investment exceeding AED1 billion

DUBAI, 24th May, 2016 (WAM) -- Dubai Holding, through its real estate arm Dubai Properties Group, today unveiled Marasi Business Bay, a new waterfront destination and its largest development along the creek within the Business Bay destination, with a total investment cost exceeding AED1 billion.

The development embraces the longest promenade in the Emirates, which will run for 12 kilometers, and feature water homes, floating restaurants, a variety of retail options and five palm tree-lined marinas.

Located on the Dubai Water Canal Project, Marasi Business Bay features the region's first purpose-built yachting destination with floating restaurants and cafes, alongside onshore boutique shopping and a range of leisure and entertainment facilities. The development's residential units, which are to be built on water with boat access, provide unparalleled direct canal views and create a unique new living proposition for the real estate market in Dubai.

Commenting on the new project, Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, said, "The new project will strengthen the historic relationship between Dubai and its creek through the addition of a new dimension to the residential, tourism and leisure offerings along the Dubai Creek.

"Our objective is to create innovative and unique developments that accentuate the essence of Dubai's culture and heritage, and present what the future Dubai looks like; a city that enriches the lives of its residents and visitors alike through unparalleled lifestyle experiences, adding value for investors and Dubai's economic diversification."

Al Gergawi added, "Located along the Dubai Canal, this waterfront destination embraces the longest water-side promenades, comprising a space rich with green spaces. Our goal is to build a way of life. Our approach to the real estate landscape has gone far beyond the construction of towers and buildings, to encompass innovation and creativity, a symbol of the civilisation of Dubai and the UAE and an essential instrument contributing to the happiness of the people, as envisioned by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum."

He went on to say, "Marasi Business Bay will be developed in phases, and work has already started. The first phase, The Promenade, will be completed by September 2016, in line with the opening of RTA's Dubai Water Canal Project, followed by The Park and The Yacht Club. A substantial part of the development is set for completion by 2020, with overall works concluded by 2023. The total investment cost exceeds AED1 billion, and will be self-financed in partnership with local financial institutions."

Fadel Al Ali, Chief Executive Officer, Dubai Holding, said, "Dubai Properties Group enjoys a long standing experience of creating unique and global destinations. Dubai Properties has extensive experience spanning more than ten years in the field of planning, developing and managing a diversified portfolio of famous destinations and projects that respond strategically to the needs of the diverse city of Dubai and the requirements of its residents. Dubai Properties, through the smart and strategic development of destinations, seeks to enrich the lives of residents and visitors alike and to promote growth and economic diversification in the UAE."

He added, "Marasi Business Bay is yet another strategic project of Dubai Holding, set to mark a first in the city's urban fabric with unique mixed-use landmarks. The project is being developed with the aim of boosting the tourism industry in Dubai, and will reinforce Dubai's position as a global tourism destination, in line with the UAE Vision 2021."