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The Mohammad Bin Rahid Al Maktoum Foundation (MBRF) has signed a joint venture agreement with Nshama, a newly launched developer, to undertake a ''value-added lifestyle development in Dubai that focuses on sustainability, culture and education''.
Under the patronage of Shaikh Ahmad Bin Mohammad Bin Rashid Al Maktoum, the project will provide open green spaces and a pedestrian-friendly layout. With a focus on youth and the creative community, it also aims to harnesses the power of information technology and smart connectivity, says Fred Durie, CEO of Nshama.
Jamal Bin Huwaireb, Managing Director of MBRF, recently signed the joint venture agreement with Durie. According to the terms of the agreement, MBRF will extend a part of its land bank in Dubai for the development of an integrated community.
''The joint venture reflects the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of Shaikh Ahmad, Chairman of the foundation, to strengthen the cultural infrastructure of Dubai,'' said Bin Huwaireb.
''MBRF has been actively involved in promoting various cultural initiatives in the city and elevating the status of Dubai as a centre of arts, thus attracting creative minds from around the world.
''As Dubai prepares to host the World Expo 2020, we believe that it is important to create vibrant destinations that add to the city's overall infrastructure.''
Location under wraps
In a statement, the joint developers said the project will be located in a central location in Dubai, although they did not provide further details on this.
A full spectrum of lifestyle amenities, including hotels, shopping centres, educational institutions, bookshops, health care facilities and leisure attractions are being considered for the master plan.
The project will also leverage green building techniques and have extensive sustainability features.
''The joint venture with Nshama is aimed at establishing lifestyle destinations of the future, with a focus on sustainability and culture,'' said Bin Huwaireb. ''The neighbourhood will also serve as a smart, networked and interconnected community, which will leverage highly energy and water-efficient technologies.''
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Source: Property Weekly