2009: Significant year for Dubai Maritime City as it prepares to fill Middle Eastern sea trade niche

2009: Significant year for Dubai Maritime City as it prepares to fill Middle Eastern sea trade niche

Ground work at Commercial Precinct at 65%

January 5, 2009

Dubai Maritime City, the world’s first purpose-built maritime centre and part of the Dubai World Group of companies, continues to achieve major development milestones and confidently progresses towards its 2012 completion date.

Infrastructure for the Industrial Precinct of the unique maritime development is set to continue significantly during 2009 making it fully operational ahead of schedule with 85 per cent of the work complete. Groundwork for the Commercial Precinct is at 65 per cent, while roadwork is in the final stages. The whole project is expected to be fully operational by 2012 as originally scheduled. Dubai Maritime City is currently in the middle of productive dialogue with local and global maritime interests to determine key areas to be considered as the development prepares to assume its strategic position as the Middle East’s maritime hub.

“We are pleased to announce that despite the challenges, the progress of Dubai Maritime City is well on track,” said Khaled Meftah, Director – Property, Dubai Maritime City. “With the infrastructure work in the Commercial Precinct currently in the final stages of completion, several real estate developers are starting to mobilise on some plots, which is a significant development, and takes us one step closer to creating a regional maritime hub that will complement Dubai’s expected emergence as one of the world’s most competitive maritime clusters,” he added.

The 2.27 million square metre Dubai Maritime City is divided into the Maritime Centre, the Industrial Precinct, The Academic Quarter, the Marina District, the Harbour Residence, and the

Harbour Offices. Different components of the city will be launched at different stages, such as the DMC Academy, which will be finished earlier. The appeal of the development remains solid as the global shipping industry is accustomed to the cyclical nature of both the business and the worldwide economy.

A number of Dubai and the maritime world’s leading developers are involved in the project, as it targets one of the world’s oldest and most important industries. Officials at DMC have explained that despite the global economic challenges, it’s been business as usual for developers within the project.

“Our own development is steadily progressing, and we are pleased to highlight that we will be building the first tower in the development that will adapt green building principles. This is in line with Dubai’s overall commitment to sustainable development and ecological responsibility. We will continue to support the eco-friendly aspirations of both Dubai and this pioneering maritime complex,” said Abid Junaid, Executive Director, ETA Star.

Meanwhile, Brijesh Bakhda, Director, Kensington, reiterated the company’s confidence in Dubai Maritime City: “As one of the developers in Dubai Maritime City, we were the first to affirm our belief in this prestigious project. It is exciting to be part of a development which will be crucial to Dubai’s transformation as a global maritime leader. We are progressing well with Kensington Krystal and with its outstanding design, prime oceanfront location and high-end business facilities we hope to create a unique tower within the city.”

On his part, Ahswin Sheth, CEO, IRIS, concluded by saying: “We are currently one of the oldest developers in the region, and yet we saw a lot of synergies between our company and this fresh venture in terms of vision. Dubai Maritime City serves as the perfect platform to realize our own dreams for Dubai as a regional and international maritime centre, and for IRIS as one of its major players.”

The iconic Dubai Maritime City reflects the huge success of the UAE’s economic diversification strategy. Upon completion, it will feature the country’s first National Maritime Museum and the region’s premier ship repair and maintenance facilities. Investors continue to be attracted to its free-zone benefits and business-friendly regulatory environment.

About Dubai Maritime City:

Dubai Maritime City is a 227 hectare fully-equipped, iconic and multidimensional maritime centre providing a world-class infrastructure and environment for the global maritime industry and related sectors. Dubai Maritime City is driven by the needs of both local and international marine and maritime communities for a dedicated hub.

Dubai Maritime City capitalizes on the strengths of Dubai as a regional and international hub for trade and commerce, redefining the global maritime industry. It will provide a strategic location for the maritime industry sectors across the full spectrum of maritime business - maritime management, maritime services, maritime retail and recreation, maritime education and research, ship repair and maintenance, yacht repair and maintenance.

When completed, Dubai Maritime City will be a vibrant mixed use development for the maritime industry, comprising industrial, commercial, residential and leisure facilities housed on a man-made peninsula between Port Rashid and Dubai Dry Docks. As a peninsula development, Dubai Maritime City harnesses the benefits of open sea access for the industrial community, yet creates a mesmerizing living and working environment with breathtaking sea views in a vibrant commercial hub. By offering world-class infrastructure, services and regulations, Dubai Maritime City will create a unique specialized environment that promotes the networking and integration of leading maritime companies in one destination.