$95bn 'new city' planned for Dubai

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NEW CITY: The $95 billion project is the latest in a long line of huge development schemes in Dubai. (Getty Images)

A Dubai government firm on Monday announced it will build a "new city" in the booming Gulf emirate at a projected cost of $95 billion, shrugging off the global financial turmoil.

The mixed-use Jumeirah Gardens development will be "an integrated city within a city," to be built over 12 years, Meraas Development said at the opening of Cityscape 2008, a four-day international real estate exhibition.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai's main thoroughfare linking it to the oil-rich emirate and UAE capital of Abu Dhabi, 150 kilometres to the south.

Meraas Development said that Jumeirah Gardens will comprise business, residential and leisure facilities linked by a transportation network and including some of the city's biggest towers, and with a large canal running through the development.

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