Thursday, November 20, 2008

Middle East to account for 50 percent of global waterfront projects

Out of Dh.1.84trillion global waterfront projects, about 50 percent would be accounted to by the region. According to industry analysts these projects are in pipeline for next five years.

With more than 50 percent of the projects in hand, UAE tops the list of global waterfront projects, said Gavin Boyd, the Director of Palm Deira development.

During the early 1990s Dubai had only 70kms of coastline. This is expected to go up to 1000kms by 2015, revealed Hamad Bin Mejren, the Executive Director of Business Tourism at the Department of Tourism and Commerce, Dubai.

Companies will be glad to move their headquarters to waterfront destinations, said Boyd, who was speaking during the Urban Waterfront Conference.

According to Al Mejren, the waterfront developments would be a major boost to tourism and their contribution to Dubai's GDP. The residential and land real estate will be split equally, and waterfront projects would attract more commercial buyers. This is mainly due to the fact that waterfront projects such as the Palm Deira will help ease the clogged traffic even in busiest areas of Dubai, Boyd said.

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