Tuesday, October 15, 2013

Meydan, Meraas sign deals to develop Dubai Water Canal projects

The Dubai Road and Transport Authority (RTA) has entered into project deals with leading real estate groups, Meydan and Meraas Holding, to develop projects around the Dubai Water Canal, offering 14million sq ft of unique retail, hospitality, dining and residential lifestyle.

According to the deal, the companies will take up construction of real estate developments around the two banks of Dubai Water Canal, stretching from the Business Bay District, across the Sheikh Zayed Road and up to the Jumeirah Park, with extension to the existing park.

The canal moves along the Al Wasl Road, Jumeirah 2 District, Al Safa Park, and Jumeirah Road, before stopping at the Arabian Gulf near Jumeirah Beach Park.

The real estate developments likely to come up on 14million sq ft of land include shopping malls, hotels, and other retail and dining outlets and residential units, said Mattar Al Tayer, the RTA Chairman and Executive Director.

The RTA will take care of the drilling works of the canal, and construction of cross-roads and pedestrian paths, Al Tayer said.

He further said that project works have been divided into three contracts. The first and second pertain to the construction of crossings over the Canal that links with major roads that intersect at the canal course, which are the Sheikh Zayed Road, comprising eight lanes in each direction, apart from Jumeirah Road, and Al Wasl Road with three lanes in each directions apiece.

The bridges will be 8.5mts above water level to permit free navigation at all times. The third contract will pertain to drilling and landscaping works in addition to the construction of pedestrian crossings and 4-minute transport stations to ease the movement of the public and promote the mass transport and tourist business.
The marine transit modes are likely to ferry more than six million passengers per annum as per the plan mapped out in Dubai, he said.

The RTA will implement several improvements in the main roads, including construction of roads along the banks of the canal to ease the mobility in these areas.  As for pedestrians, a safe traffic movement will be provided through construction of four pedestrian crossings over the canal, with one of them housing retail and dining outlets.

There will be dedicated lanes for practicing light sports such as jogging and cycling, along either sides of the canal. Landscaping works will also be undertaken on either sides of the canal offering greens, sitting areas and various types of relaxation and tourist facilities, Al Tayer said.

According to the Chief of Meydan Group, under partnership with Meraas, the group will be the prime developer to create a distinctive development that embrace the unique canal and waterfront lifestyle.
The Jumeirah Beach Park will increase by 25percent with additional length of public beach.

The canal project is another example of Dubai leadership’s vision and zeal to use infrastructure as catalyst for growth and development of the economy. The project will help to increase further investor interest in real estate market of Dubai and offer growth in job opportunities, the UAE developer said.

The Dubai Water Canal project is likely to attract 30 to 36 million visitors per annum, and comprises recreational and sport facilities that are capable of constituting an important addition to the Dubai tourist map, creating an attraction for the entire community comprising nationals, residents and tourists.

The Canal Gate Tower located at the intersection of Sheikh Zayed Road and the canal, unifies either sides of the canal and the shopping mall with an enclosed multi-level retail bridge that comprises retail, F&B and entertainment venues.

The tower is a mixed-use development comprising more than 3.5mn square feet of area which includes 468 apartments, 617 hotel rooms, and more than 400,000 sq ft of retail and 735,000 sq ft of commercial office space.

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