Multi-billion dollar Dubai projects approved
Sheikh Mohammed gives the nod to several ambitious developments
UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has given the go-ahead for a number of ambitious multi-billion dollar development projects by the Investment Corporation of Dubai (ICD).
Consisting of 800 rooms, suites and 250 luxurious hotel apartments, the Royal Atlantis Resort on the Palm, Dubai will cost approximately $1.5bn. The project will also house recreational, entertainment and services facilities built to the highest international standards.
In a briefing, director of Dubai Ruler's Court and ICD CEO Mohammed Ibrahim Al Shaibani said the first phase of the AED8bn ($2.1bn) Dubai Waterfront mixed-use project is expected to be completed by the end of 2016. The first three phases of the project will spread on an area of approximately 820,000m2 and will include parking lots for 6,000 vehicles.
Sheikh Mohammed was also briefed on the One Za’abeel project which will be located between the Dubai World Trade Centre and Za’abeel Park and will consist of two towers (residential and commercial) linked by a suspended bridge.
One Za’abeel will have an approximate cost tag of AED2.5bn and will include 550 residential units, two hotels and 130 hotel apartments.
The briefing also included the Warsan project with an estimated area of one million square metres located on Aweer Road.
The development includes 2,100 residential units and a school that can accommodate 3,000 students. The first phase of the project is expected to be completed within three years with an approximate cost of AED2.5bn.
On another note, the Investment Corporation of Dubai also teamed up with Kerzner International Holdings to construct Atlantis resort in China. The ultra luxurious resort will span across an area of 60 hectares with expected completion on 2016.