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Consortium plans Dh14b Dubai Pearl
DUBAI — A consortium of investors led by Al Fahim Group, Pearl Dubai FZ LLC, will develop Dubai Pearl for Dh13-14 billion, Dh10 billion of which involves direct investment and the rest through bank loans.
This follows Pearl Dubai's purchase and "repositioning" of the Dh11 billion ($3 billion) Dubai Pearl, a 15 million sq ft mixed-use development within the Dubai Media and Technology Free Zone (TECOM).
The chairman of Pearl Dubai's board of directors, Abdul Majeed Al Fahim, yesterday said in an interview that the consortium has been talking with some local and international banks for loans of Dh3-4 billion.
"In Dubai Pearl, we will develop a fully integrated, mixed-use and sustainable development with all the key components within half a kilometre of each other," he said. "We will have the distinction of being a truly pedestrian city with climate controlled walkways."
Set for completion in 2010, the development has the Dubai Pearl Towers for its centrepiece project that will cost some Dh10 billion, according to Lawrence Elms, principal of development project, Pearl Dubai.
Dubai Pearl said in a statement that the project's residential component includes sky palaces with private swimming pools and gardens, sky penthouses and luxury branded apartments and condominiums.
The project will also feature tower and boutique offices, international hospitality brands, cinemas, multi-cuisine food courts, a luxury-shopping precinct within a mall, an exhibition hall, a 2,000-seat theatre and 14,500 vehicle bays with some robotic parking.
Al Fahim said the design and architecture of the whole development will reflect that of the towers' — a world's first in building engineering and first column-free structure in Dubai, thus delivery maximum space efficiency.
Located opposite The Palm Jumeirah, Dubai Pearl offers a 360-degree view and easy access to nearby business and residential districts such as the Dubai Media City, Jumeirah and Dubai Internet City.
"Dubai Pearl...will incorporate sustainable development features and 'green' building standards including recycling facilities for paper, glass and food waste," said Santhosh Joseph, Dubai Pearl's president and CEO.
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