25/05/2016 05:32 AST
Dubai Holding, a leading investment holding company, has announced the launch of its new waterfront destination, 'Marasi Business Bay,' to be developed along the creek within Business Bay destination at an estimated cost of Dh1 billion ($272 million).
A breakthrough master-planned development, 'Marasi Business Bay embraces the longest promenade spanning 12 km, the UAE’s first-ever water homes, retail options, floating restaurants, leisure facilities and five palm tree-lined marinas, said a statement from Dubai Holding.
Located on the Dubai Canal Project, Marasi Business Bay is set to become a major future landmark in Dubai - an unprecedented unique waterside destination concept in the UAE and the Middle East.
It boasts of the region’s first purpose-built yachting destination with floating restaurants and cafes, alongside onshore boutique shopping and a range of leisure and entertainment facilities, it stated.
The development’s residential units, which are to be built on water with boat access, provide direct canal views and create a unique new living proposition for the real estate market in Dubai, it added.
Commenting on the new project, chairman Mohammad Abdulla AlGergawi, said: "The new project will strengthen the historic relationship between Dubai and its creek through the addition giving a new dimension to the residential, tourism and leisure offerings along the Dubai Creek."
"Our objective is to create innovative and unique developments, that accentuates the essence of Dubai’s culture and heritage, and presents what the future emirate looks like; a city that enriches the lives of its residents and visitors alike through unparalleled lifestyle experiences, adding value for investors and Dubai's economic diversification," stated AlGergawi.
Located along the Dubai Water Canal, this waterfront destination embraces the longest water-side promenades, comprising a space rich with green spaces, he added.
According to Gergawi, the waterfront project will be developed in phases. The work has already started on the first phase, The Promenade, which will be completed by September this year in line with the opening of RTA’s Dubai Water Canal Project, followed by The Park and The Yacht Club.
A substantial part of the development is set for completion by 2020, with overall works concluded by 2023. The total investment cost exceeds AED one billion, and will be self-financed in partnership with local financial institutions.”
The development will feature a range of local and international businesses spread over 250,000 sq m of open space, including parks and the waterfront promenade. Over 100 shops and outlets will be built on a 16,000 sq m area, while the Park area spans almost 60,000 sq m.
On the Yacht Club, Gergawi said it will feature the first water homes in the UAE, providing views unlike any other in the region.
"And with its prime position along the waterfront promenade, these luxury homes will offer leisure and retail spaces for luxury dining, retail and entertainment facilities," he stated.
CEO Fadel Al Ali said: "Dubai Properties Group enjoys a long standing experience of creating unique and global destinations. It has an extensive experience spanning more than ten years in the field of planning, developing and managing a diversified portfolio of famous destinations and projects that respond strategically to the needs of the diverse city of Dubai and the requirements of its residents."
"Dubai Properties, through the smart and strategic development of destinations, seeks to enrich the lives of residents and visitors alike and to promote growth and economic diversification in the UAE," he stated.
Al Ali said Marasi Business Bay was yet another strategic project of Dubai Holding, set to mark a first in the city’s urban fabric with unique mixed-use landmarks.
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