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The UAE has always been a frontrunner in announcing and implementing large-scale projects for commercial development.
In the latest data compiled by MEED Projects, there are many mega developments happening within the country that will have a huge impact on its socio-economic landscape in the coming years.
Early this year, the Abu Dhabi Urban Planning Council approved 13 development projects that will encompass an area of more than four million square meters. One of the biggest projects in the capital is the Al Raha Beach East Master Plan, a mixed-use development which will provide 50,000 square meters of prime office space and over 3,000 apartments, townhouses and villas.
There are also many noteworthy projects in the offing in the country's commercial capital of Dubai. The highest in terms of value is the mixed-use Jumeirah Gardens project. Estimated at $89.5 billion, it will be completed in 2021. The Dubailand mixed-used development worth $61 billion is due for completion in 2020.
The $16.7 billion Dubai World Central is due for completion in 2030, while Downtown Jebel Ali valued at $14.6 billion will be completed in 2020. The Al Jadaf Area Development Culture Village (Arabian Bays) project with a budget of $11.6 billion will be completed by 2017.
The current Business Bay project worth $11.2 billion is expected for completion in 2016, while the Mohammed bin Rashid City valued at $11 billion will be finished in 2023.
The Downtown Dubai development worth $10.9 billion is expected to be fully completed in 2020, while the Meydan City project costing $7.3 billion is hoped to be completed soon.
• UAE set to redefine its socio-economic scene in coming years
• The Business Bay project is expected to be completed by 2016
• Abu Dhabi's UPC has approved 13 projects of over 4 million sqm.
Did you know office rents rise in selective locations in Dubai
Source: Zenifer Khaleel, Special to Properties
The writer is a freelancer