Dubai developer Emaar Properties has signed a Memorandum of Understanding (MoU) with Dubai Municipality to develop a major mixed-used beachfront lifestyle development in Al Mamzar.
Emaar will conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality. Following approval of the masterplan, the two parties will finalise the project management structure, Emaar said in a statement.
The project, which is being planned around the 53-hectare Al Mamzar Lake, is expected to include waterfront residences, serviced residences, retail amenities, fountains and water features, and water-themed leisure attractions. It will be built on land owned by the Municipality.
Hussain Nassir Lootah, director general of Dubai Municipality, said: “The proposed mixed-use project will be developed to the highest standards of sustainability… Envisaged as a modern lifestyle hub, the project will further drive the economy through its value-added residential, retail and leisure components.”
Ahmad Al Matrooshi, managing director of Emaar Properties added: “Dubai Municipality’s initiative to explore the development potential of Al Mamzar will further add to the city’s economy by creating another engine of growth in the Deira region.
“For the potential new project, we will focus on sustainable development initiatives… It will be a great value addition to Deira, and will also create new jobs and supporting ancillary industries.”
Dubai has been seeing a revival in the launch of mega-property developments since the start of 2013, as the emirate’s real estate market booms. Some of the massive projects in the pipeline include Mohammed Bin Rashid City (MBR City), which will include the world’s largest mall, 100 hotels and a park 30 per cent bigger than London’s Hyde Park; a Dhs10 billion theme parks complex and the Dhs6 billion Bluewaters Island development, to be developed by Meraas Holding, which will feature the world’s largest Ferris wheel, called Dubai Eye.