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Emaar Properties and Dubai Municipality will develop a mixed-used lakefront destination in Al Mamzar. The real estate developer will conduct feasibility studies and submit a detailed report outlining the project's potential to Dubai Municipality, before finalizing the management structure.
Planned around the 131-acre Al Mamzar Lake, the project will feature waterfront residences, serviced residences, retail amenities, water themed attractions and more.
The agreement was signed by Abdullah Mohammad Rafi, Deputy General Manager of Engineering and Planning at Dubai Municipality, Dawood Al Hajri, Director of the Planning Department, and Ahmad Al Matrooshi, Managing Director of Emaar Properties.
Hussain Nassir Lootah, Director General of Dubai Municipality, said, ''Envisaged as a modern lifestyle hub, the project will be developed to the highest sustainable standards, underlining Dubai Municipality's strategic to drive the allround growth of the city.''
Rafi said, ''We will evaluate Emaar's report to choose a development model that complements Al Mamzar's status as one of Dubai's most popular leisure destinations.''
Thanking Dubai Municipality for the opportunity, Matrooshi said, ''Dubai Municipality's initiative to explore the development potential of Al Mamzar will further add to the emirate's economy by creating new jobs and supporting ancillary industries.''
Source: Tania Battacharya, Subeditor, Property Weekly