DUBAI: Cityscape, a four-day international real estate exhibition that opened yesterday in Dubai, has become a platform for several gigantic project announcements involving billions of dollars.
Meraas Development, a Dubai-based firm unveiled plans to build a “new city” at a projected cost of AED350 billion ($9 billion). The mixed-use Jumeirah Gardens development will be “an integrated city within a city.”
Meraas’ announcement came one day after Dubai developers Nakheel said it planned to build a tower one kilometer tall (3,280 feet), beating the city’s own record. The master development includes three buildings by the Chicago architects Adrian Smith and Gordon Gill. The centerpiece is 1 Dubai, a more than 600-meter high building that comprises three towers connected by sky bridges. The building would be about three quarters as high as the Burj Dubai, which is located just across Sheikh Zayed Road.
“Dubai is always redefining itself,” said Sina Al-Kazim, the chief executive of Meraas Development. “We are going to compliment the other developers.”
He said the new tower, which would be among the highest in the region, would be Meraas’s contribution to the architectural uniqueness of the city. The sheer scale of the project meant it would take 12 years to build.
Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai’s main thoroughfare linking it to Abu Dhabi. Jumeirah Gardens will comprise business, residential and leisure facilities linked by a transportation network and including some of the city’s biggest towers, and with a large canal running through the development.
A 14 km boulevard with a tram system would snake through the project. And water taxis will be available on a network of canals.
Meanwhile, Saudi-based Jiwar Real Estate Management & Marketing, one of the leading real estate companies in the Gulf region and the marketing arm of the Saudi Bin Laden Group, has announced that it has launched three new companies during Cityscape Dubai 2008. The first company specializes in the area of real estate development, whereas the second in the area of property finance and the third company is related to hotel management.
Saleh Al Habib, CEO of Jiwar Real Estate Management & Marketing, said: We look forward to establishing a real estate development company with a value of SR500 million, headquartered in Jeddah with branches across the main cities of the Kingdom. This company will focus on various areas, including engineering and design for the residential and commercial projects, conducting studies to identify the locations of the residents and commercial complexes, in addition to real estate development and management as it is projected to commence its operations early next year.”
