Dubai Holding and Emaar Properties signed a joint venture agreement on Monday to develop a waterfront city called The Lagoons in Dubai.
The new development will be spread across six million square metres and will be situated in the Mohammed Bin Rashid City.
The project will include the Dubai Twin towers, a mixed-use development that will add to the existing skyline of the city, officials said.
The fully integrated community will also feature a central business district, an entrepreneurial zone, cultural amenities, residences, premium and affordable luxury hotels, educational facilities, healthcare centres, a waterfront shopping mall and a wide range of leisure choices.
All these components of the development are designed as inter-connected districts around waterfronts and green boulevards.
The development, which is three times the size of Downtown Dubai, is in line with the growth goals of the city.
The project stretches from the banks of Dubai Creek, through central parcels of land linked to Al Khail Road and across Ras Al Khor.
The Lagoons will also have a pedestrian friendly neighbourhood and will be supported by several sustainable transport modes including a direct link with Dubai Metro’s red and green lines, an eco-tram system, a light monorail and water taxis.
“As the city further underlines its credentials as a global hub by welcoming professionals and entrepreneurs from around the world, and led by the Dubai Tourism Vision to record 20 million visitors by the turn of the decade, it is important to continue to build our world-class infrastructure to meet future needs,” Mohamed Alabbar, chairman of Emaar Properties and Ahmad Bin Byat, CEO of Dubai Holding said in a joint statement.
“The project, which will be a new catalyst for growth and create robust opportunities for commerce and entrepreneurship, will set new benchmarks in urban development, with its focus on the tech-savvy and connected youth population who are taking centrestage in driving Dubai’s impressive growth.”