Dubai developer Emaar has signed a memorandum of understanding (MoU) with Dubai World Central (DWC) to build a mega golf course and urban centre development within the aerotropolis.
The new development will be spread across 13.63 million square metres with the first phase to include a golf-course villa community, several hotels, a high-end shopping mall, leisure attractions, and a business hub, Emaar said in a statement.
No investment figures were disclosed.
The project is the “first of the key infrastructure development projects” to be announced following the UAE’s successful World Expo 2020 bid, said Emaar.
It aims to meet “growing demand for luxury residences resulting from the ongoing increase in the number of senior investors, executives and employees at Dubai World Central,” it added.
The masterplan for the project is still being finalised, but it will be developed in line with the theme of Dubai Expo 2020 – ‘Connecting Minds, Creating the Future’.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Aviation City Corporation, said: “In the coming future, Dubai World Central will witness several new projects to build an integrated city.
“Dubai is now focused on building world-class infrastructure to ensure that we deliver the promise of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to host the best Expo the world has witnessed.”
Mohamed Alabbar, chairman of Emaar Properties, added: “The World Expo 2020 is expected to welcome more than 25 million visitors during the six months period, [and hence] it is important that the city further builds its retail, hospitality and residential facilities to meet the anticipated demand.
“With a number of hotels and retail choices, in addition to a dedicated villa community set around a golf course, the new development will be another sterling addition to Dubai’s mega-developments for the future.”
The new project will also create several business opportunities for youth entrepreneurs and businesses in the retail, hospitality and leisure sector, said Emaar.
Dubai Expo 2020 is estimated to create 277,000 new jobs over the next few years as the city prepares to host the mega event. Infrastructure investment for the Expo is expected to reach around $9 billion, Standard Chartered stated recently.
Dubai’s property market is already on a high this year, with prices rising around 30 per cent in the last 12 months.
Several new mega projects are also likely to be announced in the build-up to the Expo, although experts have expressed concern about the possibility of another bubble forming in the emirate’s real estate market.