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Emaar Properties and Dubai Municipality recently signed a memorandum of understanding to develop a mixed-used beachfront lifestyle development in Al Mamzar.
Emaar will conduct feasibility studies and submit a detailed project report to the Dubai Municipality, outlining the development's potential. Following the approval of the master plan, the two parties will finalise the project management structure.
The project is being planned around the 53-hectare Al Mamzar Lake. Among the components being considered for the project are waterfront residences, serviced residences, retail amenities, fountains and water features and water themed leisure attractions.
The agreement was signed by Abdullah Mohammed Rafi, Deputy General Manager of Engineering and Planning at the Dubai Municipality, Dawood Al Hajri, Director of the Planning Department, and Ahmad Al Matrooshi, Managing Director of Emaar Properties.
''The proposed mixed-use project, which will be developed to the highest standards of sustainability, underlines the strategic vision of Dubai Municipality to drive the all round growth of the city,'' said Hussain Nasser Lootah, Director General of Dubai Municipality. ''Envisaged as a modern lifestyle hub, the project will further drive the economy through its value added residential, retail and leisure components.
''Emaar has a strong track record in developing mixed-use developments, which we are leveraging to develop the project on land owned by the municipality.''
Rafi said: ''As per the agreement, Emaar will conduct the required feasibility and environmental studies and design a world-class project that is suited to the nature of the land. We will evaluate the report submitted by Emaar to choose a development model that complements Al Mamzar's current status as one of Dubai's most popular leisure destinations.
''Through the proposed project, we aim to add further value to the area, in tum contributing to Dubai's economy.''
Emaar has been involved in various waterfront projects in Dubai, including Dubai Marina, the region's largest marina development of its kind, and the ongoing waterfront project along Dubai Creek, developed as a joint venture with Dubai Holding.
Focus on sustainability
''Dubai Municipality's initiative to explore the development potential of Al Mamzar will further add to the city's economy by creating another engine of growth in the Deira region,'' said Al Matrooshi. ''Emaar has proven competencies in undertaking waterfront projects that uphold all environmental guidelines. For the new project, we will focus on sustainable development initiatives, which will reflect across all aspects of the development.
''It will be a great value addition to Deira and will also create new jobs and support ancillary industries.''
Source: Property Weekly