Jumeirah Central to attract investment worth $20b
There will be environment-friendly transport options; and (right) green areas will be spread across the self-sustaining district.
Dubai - Phase One will break ground in 2017, although site clearing and preparation works are underway.
The $20 billion Jumeirah Central district development on Shaikh Zayed Road, Dubai's first climate controlled district, is expected to further stimulate international institutional investment into Dubai, spurring the growth of the emirate's non-oil economy
The $6.5 billion first phase of the game-changing development, mostly comprising residential projects, will be completed by 2021, Dubai Holding said on Sunday.
Phase One will break ground in 2017, although site clearing and preparation works are underway.
Unveiled by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Saturday, the mega futuristic project, spread across 47 million sqft of gross floor area, features many innovative urban planning and quality of life concepts that are a first in the region.
"Dubai Holding has a strong track record of delivering iconic city districts across Dubai. The uniqueness of this district captures the ambitions of Dubai and will contribute to the Emirate's long-term social development and growth. Jumeirah Central extends Dubai's tourism vision past 2020 and will further reinforce Dubai's position as the region's leading international tourist destination," said Ahmad bin Byat, Vice-Chairman & Managing Director, Dubai Holding.
The masterplan has been subject to consultation with thousands of residents, tourists, investors and businesses, whose views on the future of Dubai's urban fabric and lifestyle needs have been encapsulated in the new plan. The scheme is focused on delivering a true community environment, supporting rich social interaction.
Morgan Parker, Chief Operating Officer, Jumeirah Central, said Dubai Holding's experience, together with extensive stakeholder consultation and research looking at the most innovative new cities across the world, would ensure the developer creates high-value real estate to stimulate inbound, international institutional investment in the region, adding to the growth of Dubai's non-oil economy
"Jumeirah Central is planned as an intuitive, phaseable and highly adaptive street grid that enables future industry innovations and lifestyle needs to be organically accommodated. As Dubai's first genuine mixed-use community, the district aims to create 24/7 vitality, year-round economic resiliency and efficient optimisation of infrastructure, such as car parking," Parker said.
He said Jumeirah Central would be developed predominantly in conjunction with domestic and international institutional joint venture partners looking to deploy capital in the region, with a number of agreements due to be announced in the coming months. Dubai Holding is keen to ensure a harmonised approach to the development of the district and community, as such is focused on long-term ownership of assets.
Aligned with the Government's strategy to drive innovation, Jumeirah Central comprises 50 urban planning innovations that are set to improve the quality of life for future generations and increase happiness and overall well being. "This will be Dubai's first climate controlled, sustainable and walkable district that puts people first and it will define the future of Dubai's urban landscape," he said.
Occupying land on the opposite side of the Shaikh Zayed Road from Mall of the Emirates, the whole development, comprising 35 per cent residential (11,000 units), 21 per cent office space (8 million sqft), 19 per cent hotels (7,200 rooms) and 24 per cent retail (9.1 million sqft), will have 278 individual building projects and 40 new entertainment attractions, 37 plazas and 33 parks
Phase One will comprise 69 projects occupying 17 million sqft of GFA. It will feature 3000 residential apartments across 13 residential projects. The first phase includes four student accommodation projects; one live/work residential project; 2,800 hotel keys in 14 hotels apart from one resort. The development envisages 12 office projects as well as various retail and entertainment facilities including one urban mall, two performance theatres, souk, exhibition hall and cultural buildings.
Saif Al Aleeli, Chief Executive Officer, Dubai Future Foundation, said the iconic district conceptualises the essence of what the city of the future would look like. "It has the agility and ability to create a platform which harnesses future global innovations that will tackle future global challenges and leverage global future opportunities across all aspects of daily life. We are very excited about this district, and are pleased to continue our collaboration with Dubai Holding to bring to life the Dubai Future Agenda."