A new Dhs5bn business district was launched on Tuesday in Dubai by UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.
Master-planned by Dubai Holding, the project – called Emirates Towers Business Park – will be located between Sheikh Zayed Road and Happiness Street, close to the Dubai International Financial Centre (DIFC).
The project is being developed in collaboration between Dubai Holding and DIFC in response to “increasing demand from international corporations looking to set base in Dubai”, a statement said.
It will feature Grade A office space through hi- and low-rise office towers and three five-star hotels. Jumeirah Group will manage one hotel, while the other two will be managed by international hospitality groups, the statement said. The names of the operators were not disclosed.
The development will also offer retail space with international brands and F&B options, an arena for events and ancillary facilities to support corporates.
Emirates Towers Business Park will have a three-level basement area with one level for traffic management, while the other two will provide 13,000 new parking spaces.
It will also feature public parks, green space and will include two covered pedestrian bridges connecting to the DIFC.
The location will also host the Museum of the Future, which offers laboratories for innovation in different sectors, including health, education, smart cities, energy, and transportation.
Construction will begin by the end of 2017 and the development is slated for completion within four years.
When complete, Emirates Towers Business Park aims to become an “integrated business district” and will provide a “legislative environment with international standards of governance and transparency under the regulations of the DIFC Authority”, the statement said.
Essa Kazim, governor of DIFC said: “By extending DIFC’s jurisdiction, the member companies of Emirates Towers Business Park will benefit from the Centre’s robust legal and regulatory framework.”
Sheikh Mohammed said these new projects represent the next phase of strategic development of infrastructure in the UAE and will help the country attract more global investment.