SHARJAH, 31 January 2005 — Promoters of Dubai Waterfront, an 81-million-square-meter community have released some of the details of the project. Real estate developers and promoters of Nakheel will hold a majority stake in the project with 49 percent for selected investors.
Estimates of the project’s cost are unavailable.
“We are inviting developers to benefit by being partners with Nakheel,” said Dubai Crown Prince and UAE Defense Minister Sheikh Mohammed ibn Rashid Al-Maktoum, who launched the project on Saturday.
This is the first time that investors have an opportunity to enter as shareholders in a land development company in Dubai from the beginning.
The project has been drawn up on the basis of indications that by 2010 four million residential units will be required while commercial space will need to double to 1.8 million square meters.
The Dubai Waterfront project will comprise 10 “districts or diversified zones” and 250 master-planned communities. Up to 750,000 people will live there. Enough land will be allocated to accommodate 150 hotels.
The project will be located 35 km southwest of Dubai, bordering Abu Dhabi. It is the last remaining coastal waterfront in Dubai. The project — a veritable “city on water” — will be divided into multiple stages and it will have the world’s longest man-made canal, the Arabian Canal, which will be 75 km long. Land on both sides of the canal will be used for residential and other developments.
The Dubai Waterfront and Arabian Canal will together include 440 sq. km. The project will include 600 km of roads. The centerpiece will be the Madinat Al-Arab featuring one of the world’s tallest towers, the Al-Burj. Construction will start early next year, and the first phase is expected to be completed within five years.
