MBRF and Nshama to develop Dubai community
JV signed to develop integrated community on part of MBRF land bank
The Mohammed Bin Rashid Al Maktoum Foundation (MBRF) has signed a joint venture agreement with Nshama, a newly launched developer of smart integrated communities, to undertake a value-added lifestyle development in Dubai that focuses on sustainability, culture and education.
Under the patronage of His Highness Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, His Excellency Jamal Bin Huwaireb, managing director of MBRF, signed the agreement with Fred Durie, CEO of Nshama, whereby MBRF will extend a part of its land bank in Dubai on a joint venture partnership basis for developing an integrated community.
HE Bin Huwaireb said: “MBRF has been actively involved in promoting various cultural initiatives in the city and elevating the status of Dubai as a centre of arts, thus attracting creative minds from around the world.
“As Dubai prepares to host the World Expo 2020, we believe that it is important to create vibrant destinations that add to the city’s overall infrastructure.”
He added: “The neighbourhood will also serve as smart, networked, and interconnected community, which will leverage highly energy and water efficient technologies. Nshama will design and develop the joint venture project that will serve as homes, business centres and cultural destinations.”
The project will be located in a central location in Dubai, offering residents easy access to the business and cultural nerve centres of the city.
The full spectrum of lifestyle amenities including hotels, shopping centres, educational institutions, bookshops, healthcare facilities, and leisure attractions are being considered for the masterplans.
The JV project will leverage green building techniques and have extensive sustainability features. More details on the projects will be announced in due course.