By Dylan Bowman
Developer to build hotels, shopping centre and entertainment park in hotel district.
Bawadi has signed an agreement with Dubai Properties to develop a 20 billion-dirham ($5.4 billion) project over 278.7 hectares of planned the $54.4 billion hotel district, the company said on Saturday.
Bawadi, a unit of real estate developer Tatweer, said Dubai Properties will build three, four and five-star hotels, a 37.2-hectare shopping centre and a water and sports entertainment park.
Arif Mubarak, vice president of Bawadi, said in a statement the partnership will bring "immense advantages to both companies".
Both Tatweer and Dubai Properties are part of state-owned conglomerate Dubai Holding.
Bawadi has already signed agreements with Al-Ghurair and Emaar Properties to develop areas of the hotel district, which will have 51 hotels, including the 6,500-room Asia-Asia, once complete.
Bawadi forms part of the Dubailand mega-tourism development being build on the outskirts of the city. Dubailand will include attractions such as Warner Bros Movie World, Six Flags, Dreamworks Studios Theme Park, Universal Studios, Tiger Woods Dubai, Marvel Super Heroes Theme Park and indoor ski resort Dubai Snowdome.
What's new about this? This project has been hyped about more than a year ago, if not two years - just because you move money from your left pocket to your right pocket does not mean you earned more money! The spin meisters are never going to stop these bogus and silly annoucements designed to keep the bubble from bursting while the storm around us gathers wind. Don't they realize that even if they can fool some people, the financial reality just isn't on their side?
Looking into the current global fall out and credit crunch do you all really think this project will shape up? I mean do you think it will ever be made and people would invest? Just wait as 2009 onwards Dubai will not see a positive real estate growth for the next 10 years.