Dubai Ruler reviews $2.1bn '1 Central' masterplanby Paromita Dey on Mar 25, 2016
His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai viewed the full masterplan for "1 Central", a $2.1bn (AED8bn) mixed-use development.
H H Sheikh Mohammed reviewed the detailed model of the development and approved the progress of the project, while being accompanied by Khalifa Saeed Sulaiman, director general of Dubai’s Protocol Department.
During the visit, H H Sheikh Mohammed expressed the importance of the "1 Central" project, which will create a new destination facilitating international trade and commerce, attracting multinational businesses to set-up and expand in the region, through the establishment of permanent representative offices or new regional headquarters in the UAE, Dubai specifically.
Being managed by Dubai World Trade Centre Authority (DWTCA), 1 Central will support new multinational entrants to establish a presence for business within the UAE and the wider region, providing a business-conducive regulatory environment with an internationally recognised legislative framework and operational procedures.
H H Sheikh Mohammed stated in his statement: "Our nation is open and tolerant of all cultures, whilst maintaining its unique heritage and sustaining its leading position in developing extraordinary projects and investing in infrastructure to attract global companies, world business leaders and international cultural activities."
"In the UAE, leaders and government alike, always aim to sow hope, happiness and love where there are despair, sadness and hatred."
1 Central is an integrated mixed used project totalling 540,000 sqm, including business, residential and leisure developments, inclusive of five Grade A, LEED Gold certified office buildings, four hotels ranging from three-, four- and five-stars with an estimated 2,000 total room capacity, residential towers offering 1,300 premium apartments and townhouses and a 2,500-capacity multi-purpose theatre.
With the first commercial office building completed, the next two office buildings are already under construction and due for delivery by the end 2017. It will be accompanied by open landscaped areas, retail and entertainment, reported WAM.