Dubai Holding to develop new business park worth $1.4bn
The Emirates Towers Business Park project is valued at $1.4bn and will be built close to Dubai International Financial Centre (DIFC)
Dubai Holding has announced that it will be developing a new business park between Sheikh Zayed Road and Happiness Street.
Launched yesterday, 4 July, by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Emirates Towers Business Park project is valued at $1.4bn (AED5bn) and will be built close to Dubai International Financial Centre (DIFC).
Construction work on the project is set to commence at the end of this year, and is expected to complete within four years.
Upon completion, it is expected to become an integrated business district and will provide a legislative environment with international standards of governance and transparency under the regulations of the DIFC Authority, Dubai Holding said in a statement.
According to the Dubai-headquartered investment holding company, the project is a product of its partnership with DIFC in response to demand from international firms interested in setting base in Dubai.
Dubai Holding noted that, with the project, it aims to meet increasing demand for Grade-A office space by offering high- and low-rise office towers catering to a range of requirements.
The planned Emirates Towers Business Park will feature three five-star hotels, one of which will be managed by Jumeirah Group. The other two, said Dubai Holding, will be managed by international hospitality groups.
The development will offer retail space, a dedicated arena for events, and ancillary facilities, and will be interspersed with public parks and green space.
It will also include two covered pedestrian bridges connecting to DIFC, Dubai Holding further noted, adding that there will be a three-level basement, with one level dedicated to traffic management. The other two will provide 13,000 new parking spaces.
Commenting on the new project, HE Abdulla Al Habbai, chairman of Dubai Holding, said: “This new development reflects the wise and ambitious vision of our leadership and is in line with Dubai’s strategy of developing futuristic projects to meet the growing demand for integrated business districts and advanced legal infrastructure built on international standards of governance and transparency.
Emirates Towers Business Park demonstrates Dubai Holding’s commitment to the economic diversification of Dubai and strengthening its attractiveness as a preferred destination for regional and international corporates looking to leverage the wealth of opportunities for growth and expansion.”
Meanwhile, HE Essa Kazim, governor of DIFC, said: “DIFC continues to deliver on its ambitious plans to support the growth strategy of Dubai and the ongoing economic development of the UAE. Our collaboration with Dubai Holding is a perfect example of this strategy in action.
“By extending DIFC’s jurisdiction, the member companies of Emirates Towers Business Park will benefit from the centre’s robust legal and regulatory framework, as well as its world-class infrastructure that supports business growth throughout the Middle East, Africa and South Asia (MEASA) region.”
He added: “It is our pleasure to work closely with Dubai Holding on this exciting development, which brings us a step closer towards our stated objective to triple the size of DIFC by 2024.”