Dubai Holding and Emaar Properties have signed a joint venture to develop a new 6km2 masterplanned waterfront city within the Mohammed Bin Rashid City.
The project, known as The Lagoons, will be built on the banks of Dubai Creek and will be more than three times the size of Downtown Dubai, the partners said in a statement.
It will contain a new central business district anchored by the Dubai Twin Towers – a new pair of towers which are “envisaged to join the rank of the world’s most prestigious skyscrapers”.
The Lagoons will also feature an entrepreneurial zone, cultural facilities, hotels, residences, education and healthcaer centres and a new waterfront shopping mall.
It will be built on central parcels of land linked to Al Khail Road and across Ras Al Khor, providing a link between the creek and the modern areas of the city such as Business Bay and Downtown Dubai. It will be supported by several sustainable transport modes including a direct link with Dubai Metro’s Red and Green Lines, an eco-tram system, light monorail, and water taxis.
Emaar Properties chairman Mohamed Alabbar and Dubai Holdings CEO Ahmad Bin Byat said: “His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, constantly reminds us that Dubai has achieved less than 10% of its development potential.
“Dubai has always been a forward-looking city, and today, as we enter our next phase of growth led by our youth, it is important that National Champion companies such as Dubai Holding and Emaar work jointly to launch projects that are important to boost the city’s future development.”
