Emaar & Meraas form JV to build MBR City project
Developers to build mixed used development in Mohammed Bin Rashid CIty
Two leading Dubai-based real estate developers have formed a joint venture to build a huge residential and commercial area near the emirate’s Downtown area as part of the first phase of the Mohammed Bin Rashid City project.
The Emirates Hills development by Emmar Properties and Meraas Holdings will feature a series of neighbourhoods set around an 18-hole golf course on 11m m2 land by the junction of Umm Al Sequim Road and Al Khail Road.
Featuring vast stretches of landscaped parks and gardens, walkways and extensive open areas, Dubai Hills Estate will serve as a rejuvenating getaway in the heart of the city, the developers said.
It will also have high-end retail centres and leisure amenities as well as educational institutions, healthcare facilities and mosques.
Abdulla Al Habbai, group chairman of Meraas Holding, said: “Dubai’s property sector is recording robust growth, led by the transformational growth of the city. MBR City is an ambitious undertaking, envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to meet our future growth goals. Our joint venture with Emaar Properties to develop Dubai Hills Estate will bring incredible value to the property sector of Dubai and the city’s economy.”
Mohamed Alabbar, chairman of Emaar Properties, said: “MBR City is redefining the concept of urban development with a firm focus on the emerging needs of the city, as Dubai further underlines its position as a global business and leisure hub. Our plan is to work with Meraas to build a new world-class community that will appeal to discerning customers.”
The master-planning of Dubai Hills Estate is progressing, with an emphasis on sustainability. The project is expected to generate long-term wealth enhancement to the economic and social development of Dubai. It will also boost the tourism sector of the city, with its array of leisure amenities complementing MBR City’s objective of boosting family tourism.
Last month, it was reported that the Mohammed bin Rashid City – District One project at the planned new city will be completed in seven years at the earliest.
The mammoth project will include the world's biggest shopping mall, more than 100 hotels, a Universal Studios franchise and a public park larger than Hyde Park.
It is being developed by a 50/50 joint-venture of Dubai’s Meydan and Sobha Group. The project will also include 1,500 luxury villas, 7km of manmade lagoons and beaches, as well as retail, leisure and sports amenities.