By Staff writer
Senior exec says international institutional investors already using mega project to access Dubai market
Jumeirah Central, Dubai’s upcoming new urban mixed-use district, is already attracting "significant interest" from international investors, according to a senior executive.
The mega project, which has no deadline for completion yet, will make its international debut at MIPIM 2017, the annual gathering of the world’s most influential international property players being held in Paris.
Master planned by Dubai Holding, Jumeirah Central is already attracting significant interest from international institutional investors looking to access Dubai’s fast growing market, according to Morgan Parker, chief operating officer, Jumeirah Central.
The project is being built on the site previously allocated for the Mall of the World, off Sheikh Zayed Road. It will comprise 9 million square feet of retail space including three malls, 4.5 million square feet of outdoor shopping space, 2,800 hotel rooms, 3,000 apartments and more than 44,000 car parking spaces.
At MIPIM, Jumeirah Central is showcasing its complete masterplan and presenting investment opportunities in a bouquet of products including premium, Grade A international-style office buildings.
Parker said the project, comprising 4.4 million sq m of gross floor area, will become "the most accessible, functional and valuable real estate in Dubai" and will include 278 individual buildings planned as a network of 75 walkable city blocks.
Parker said: “By benchmarking against the most successful cities globally, we combine proven fundamentals with the latest innovations to create high-value real estate that will stimulate inbound, international institutional investment into the region.
"Dubai Holding has worked closely with government entities so that Jumeirah Central can serve as a blueprint for how cities can improve the quality of life for residents.”
Jumeirah Central’s primary consideration is the strategic, operational, financial and legal requirements of global institutional investors, he said, adding that the project offers an opportunity to create geographic diversification.
"Jumeirah Central is promoting a greater understanding of the requirements of institutional capital among local banking and finance sector and collaborating with available legal infrastructure in Dubai to create an environment that is most conducive to attracting inbound institutional investment," said Parker.
The first phase of Jumeirah Central, located opposite Mall of the Emirates on Sheikh Zayed Road, will comprise 67 mixed-use projects and 1,488,800 sq m, including 2,500 residential units, 16 hotels, 13 office buildings and a mall development, along with community facilities such as parks, hospital and school.