Dubai launches new Dh5 billion business district

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, looks at a scale model of the Dh5 billion (SR5.1 billion) Emirates Towers Business Park project. (WAM)
Updated 05 July 2017
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Dubai launches new Dh5 billion business district

DUBAI: Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday launched plans for the Dh5 billion (SR5.1 billion) Emirates Towers Business Park project.
Construction will start by the end of 2017 and upon its completion in four years the project will become an integrated business district within the Dubai International Financial Center (DIFC), a statement from the Government of Dubai’s Media Office said.
Dubai Holding will develop the project in partnership with the DIFC.
“Emirates Towers Business Park will meet the increasing demand for Grade A office space through hi- and low-rise office towers catering to a range of requirements” the statement added.
The development, located between Sheikh Zayed Road and Happiness Street close to DIFC, will have three five-star hotels, retail spaces for international brands, food and beverage locations, corporate facilities as well as 13,000 new parking spaces.
It will also have public parks, green spaces and two covered pedestrian bridges that link directly to the DIFC.
Abdulla Al Habbai, chairman of Dubai Holding, said: “This new development reflects the wise and ambitious vision of our leadership and is in line with Dubai’s strategy of developing futuristic projects to meet the growing demand for integrated business districts and advanced legal infrastructure built on international standards of governance and transparency.
“Emirates Towers Business Park demonstrates Dubai Holding’s commitment to the economic diversification of Dubai and strengthening its attractiveness as a preferred destination for regional and international corporates looking to leverage the wealth of opportunities for growth and expansion.”
Essa Kazim, governor of Dubai International Financial Center, added: “DIFC continues to deliver on its ambitious plans to support the growth strategy of Dubai and the ongoing economic development of the UAE.
“Our collaboration with Dubai Holding is a perfect example of this strategy in action. By extending DIFC’s jurisdiction, the member companies of Emirates Towers Business Park will benefit from the Center’s robust legal and regulatory framework as well as its world-class infrastructure that supports business growth throughout the MEASA region.”


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.