Monday, October 7, 2013

RTA inks agreement with Meydan and Meraas to develop Real Estate projects around Dubai Water Canal

RTA inks agreement with Meydan and Meraas to develop Real Estate projects around Dubai Water Canal

Real Estate developments include shopping mall, hospitality, and retail, residential and commercial components.

Roads and Transport Authority – Mohammed Al Munji:

The Roads and Transport Authority (RTA), has signed an agreement with Meydan Group and Meraas Holding; whereby the two companies will undertake the construction of the real estate developments around the two banks of the Dubai Water Canal stretching from the Business Bay district and crossing the Sheikh Zayed Road up to Jumeirah Park with an extension to the existing park. The Canal passes across Al Safa Park, Al Wasl Road, Jumeirah 2 district, and Jumeirah Road before terminating at the Arabian Gulf near Jumeirah Beach Park. The real estate developments include hotels, shopping mall as well as several retail and dining outlets, and residential units.

The Agreement was signed on behalf of the RTA by H.E. Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA, and for Meydan Group by H.E. Saeed bin Humaid Al Tayer, Chairman of the Board & CEO of Meydan Group, and for Meraas Holding by H.E. Abdullah Ahmed Al Habbai, Group Chairman of Meraas Holding. The signing ceremony of the Agreement, which was held in RTA premises, was attended by a host of senior executives of the RTA, Meydan and Meraas.

H.E. Mattar Al Tayer expressed his delight with the signing of the Agreement with these two reputed companies and said: “The RTA will cater to the drilling works of the canal, as well as the construction of crossings, roads and pedestrian paths. The project works have been divided into three contracts. The First and second contract relate to the construction of crossings over the Canal linking with the key roads intersecting the canal course which are the Sheikh Zayed Road comprising 8 lanes in each direction, in addition to Al Wasl Road and Jumeirah Road comprising 3 lanes in each directions apiece. Bridges rise 8.5 meters above the water level to allow free navigation 24/7.

“The third contract relates to drilling and landscaping works in addition to the construction of pedestrian crossings, and 4 marine transport stations to ease the movement of the public and promote the mass transport and tourist business. The marine transit modes are expected to ferry more than six million passengers per annum according to the plan mapped out in Dubai.
“The RTA will carry out several improvements in main roads intersecting the Canal in addition to some works in the surrounding areas such as Jumeirah and Al Safa. This includes the construction of roads along the two banks of the Canal to ease the mobility in those areas. As for pedestrians, a free and safe traffic movement will be provided through the construction of 4 pedestrian crossings over the Canal; one of them contains retail and dining outlets. Dedicated lanes will be provided for practicing light sports such as jogging and cycling along both sides of the Canal. Landscaping works will also be undertaken on both sides of the Canal offering greens, sitting areas and various types of relaxation and tourist facilities,” added Al Tayer
H.E. Saeed bin Humaid Al Tayer, Chairman of the Board & CEO of Meydan Group, said: “Meydan in equal partnership with Meraas will be the prime developers to create a distinctive destination development that embraces the unique canal and waterfront lifestyle. Our development will generate over 80% of waterfront property, which is planned in a sensitive manner to preserve the beauty and public community amenity of Safa Park. The Jumeirah Beach Park will increase by 25% with additional length of public beach.
This development will nurture an integrated community services that will cater to all residents and tourists in Dubai. Our vision is to encourage healthy lifestyle through thoughtful and intelligent design that would cater to comfortable pedestrian use of this development during winter and summer months. This is achieved with operable retail arcades that extend throughout the length of the canal walk, which will create continuous pedestrian connectivity from the Arabian Gulf to Business Bay. This development will represent the crowning jewel that will redefine the international leadership position of Dubai and the ingenuity of His Highness.”

H.E. Abdullah Al Habbai, Chairman of Meraas Holding, said: “The Dubai Water Canal project is yet another example of H.H. Sheikh Mohammed bin Rashid Al Maktoum's vision and Dubai’s zeal to use infrastructure as a catalyst for development and growth of the economy. This project will help further increase investor interest in Dubai’s real estate market, as well as provide growth in job opportunities. Meraas is privileged to be a part of a project that is set to reconfigure the topography of the emirate. I am confident that our three-way partnership model with Meydan and RTA will deliver on Dubai’s ambitious tourism and economic objectives.”

Diverse Developments:

The Dubai Water Canal project is a symbol of the innovative spirit of the Emirates to create peerless opportunities for community enrichment and growth. The development provides over 14 million square feet of exemplary retail, dining, hospitality and residential lifestyle along an exhilarating esplanade that borders a splendid canal, which connects Jumeirah Beach to the Business Bay. The project, which is expected to attract 30 to 36 million visitors per annum, comprises of recreational and sport facilities capable of constituting an important addition to the Dubai tourist map, creating an attraction for entire community spanning citizens, residents and tourists.

The Canal Gate Tower defines the threshold experience at the intersection of Sheikh Zayad Road and the canal, unifying both sides of the canal and the shopping mall, with an enclosed multi-level retail bridge that contains retail, F&B and entertainment venues. The Tower is a mixed use development that comprises of over 3.5 million square feet of area that includes 468 apartments, 470 service apartments and 617 hotel rooms, as well as over 400,000 square feet of retail and 735,000 square feet of commercial office spaces.

Safa Park is enhanced with the inclusion of an urban public beach with 1.5 kilometer of beach front and activated program space for public leisure and sports activity. The park boast updated facilities for running and cycling trails that are anchored by perimeter of 1,642 units of residential developments, that cocoons and captures the imagination of a transcendent urban lifestyle park. Within this zone residential and retail facilities edge both sides of the canal that are commensurate with the existing surrounding fabric. This perimeter will include over 460,000 square feet of boardwalk retail and restaurants, as well as 855 residential units.

The Jumeirah High street area is an exclusive enclave of 19 bespoke water villas and 44 townhouses above retail outlets. The canal walk environment transforms to a relaxed residential tempo with café culture punctuated with local plazas that nurture community interaction and healthy lifestyle. There will be over 180,000 square feet of retail with a total development area of over 760,000 square feet. The water villas are elevated on piers over the water with private boat docks and serene infinity edge swimming pools overlooking the canal activity.

The Jumeirah Beach Park is redefined with additional public beachfront that cradles the water and shelters the crescent shaped beach. The esplanade continues from the Business Bay to the apex of the canal that is anchored with a spectacular hotel tower that extends into the Arabian Gulf. This peninsula at the mouth of the canal includes a 120 boat marina, 925 hotel rooms and 1,363 residential units with stunning views of the Gulf, canal and the city. There will be over 200,000 square feet of retail with a total development area of over 4.2 million square feet.

The Dubai Water Canal project will be the consummate destination development for regional and international tourist as well as the residents of the Emirates showcasing ingenuity, leadership and creativity.
It is worth mentioning that the Dubai Water Canal will add six km to the Dubai waterfront and the Canal has a depth of up to six meters in high tides. The crossings rise more than eight meters to ensure the smooth and safe passage of large boats measuring 200 meters in length. It will also contribute to renewing the entire length of the Business Bay Canal water automatically without using water pumps. Thanks to the Canal, the Dubai Creek water will be renewed by 250 million cubic meters annually upon the completion of linking the Canal with the Business Bay District. The water movement during the hide and tide process through the Canal is estimated in the order of 800 million cubic meters per annum.

No comments:

Post a Comment

Blog Widget by LinkWithin