Dubai Holding unveils $272m Marasi Business Bay
Marasi Business Bay will feature a yacht club and RTA marina station, a park with amphitheatre, UAE's first-ever water homes, floating restaurants, retail outlets and a range of leisure and entertainment facilities
Dubai Holding, through it's real estate arm Dubai Properties Group, has announced the arrival of a new waterfront destination complete with a yacht club and parkland development in Dubai's Business Bay.
Marasi Business Bay, which will cost in excess of $272m (AED1bn), will be home to a 12km promenade - the longest of its kind in the Emirates.
Located on the Dubai Water Canal, the development will comprise a yacht club with 1250 berths and an RTA marina station, a park with amphitheatre, the UAE's first-ever water homes, floating restaurants and cafes, retail outlets, five palm tree-lined marinas and a range of leisure and entertainment facilities.
Commenting on the new project, HE Mohammad Abdulla Al Gergawi, chairman, Dubai Holding, said: "The new project will strengthen the historic relationship between Dubai and its creek through the addition of a new dimension to the residential, tourism and leisure offerings along the Dubai Creek.
"Located along the Dubai Water Canal, this waterfront destination embraces the longest water-side promenades, comprising a space rich with green spaces.
"Our goal is to build a way of life."
The first phase of the development, The Promenade will be completed by September 2016, in line with the opening of the RTA's Dubai Water Canal Project, followed by The Park and The Yacht Club.
A substantial part of the project is set for completion by 2020 - with overall works conducted by 2023.
Fadel Al Ali, CEO, Dubai Holding, added: "Marasi Business Bay is yet another strategic project of Dubai Holding, set to mark a first in the city's urban fabric with unique mixed-use landmarks.
"Harnessing the excellence and track record of Dubai Properties and innovation that runs across the Group, Marasi Business Bay is being developed with the aim of boosting the tourism industry in Dubai and will reinforce Dubai's position as a global tourism destination, in line with the UAE Vision 2021."