A global investment holding company, Dubai Holding, has confirmed that it plans to revive The Lagoons project on the Dubai Creek through a joint venture.
Dubai Holding confirmed that it will work jointly with another real estate developer, Emaar Properties, to deliver the project, details of which will be revealed soon.
The Lagoons master development will be home to a 1000-metre tower. If progressed, this will be their second jointly launched initiative, following the announcement of Mohammed Bin Rashid City, the master development, which will be home to world's biggest mall, a theme park with Universal Studios, and a park larger than London's 350-acre Hyde Park.
The Group Chief Executive Officer of Dubai Properties Group (DPG), Khalid al Malik, said that the real estate arm of Dubai Holding, said that the Dh.64bn project by Sama Dubai, has not been cancelled.
He confirmed that the plot owners will not be granted refunds, and The Lagoons project will be developed.
Back in 2010, DPG had confirmed that even the plan to develop the iconic Signature Towers, earlier known as Dancing Towers, which is the centre piece of the master development had not been scrapped.
The Emaar Chairman, Mohamed Alabbar, recently said that they are considering building another world-record breaking tower, bigger than Burj Khalifa, which is currently the world’s tallest building.
The Lagoons will house seven islands, comprising housing units, office buildings, shopping centres and marinas. These detached islands will be interlinked with bridges.
Last year, Emaar acquired a plot of land in July, beside its Arabian Ranches development from DPG and has already launched two projects, namely, Casa and Mira townhouses.