Dubai’s Emaar Properties and Dubai Holding have unveiled the first project as part of their joint venture launched last month, the Mohammed Bin Rashid City (MBR City), it was announced on Sunday.
Dubai ruler Sheikh Mohammad Bin Rashid Al Maktoum announced plans to build a new multi-billion dollar city project, which will include the world's biggest shopping mall, a Universal family theme park and a park that is a third bigger than Hyde Park in London.
Dubai Hills will be the first residential project within MBR City and will consist of a gated community with luxury residences similar Emaar’s existing Emirates Hills development.
The homes will be built around a new 18-hole championship golf course and will include plots of 20,000 to 30,000 sq ft.
“With demand for premium homes in the city increasing, led by Dubai’s status as the region’s business and lifestyle hub, Dubai Hills is set to be the first choice for the discerning property investors,” said Ahmad Al Matrooshi, Managing Director, Emaar Properties.
The site for the new project will be located between Emirates Road and Al Khail Road and will also include parks, retail centres, schools and healthcare facilities.
No value has been given for the entire MBR City project which will comprise four key components.
The first component will focus on family tourism, and will include a giant park, equipped to receive 35 million visitors and a family entertainment centre set up in collaboration with Universal Studios and hotel facilities.
The second component, focusing on retail, will feature the largest shopping mall in the world called Mall of the World. Dubai already boasts the largest mall in the world, Emaar's The Dubai Mall.
A third component will include the largest area for arts galleries in Middle East and North Africa while the fourth fourth component will see the development of facilities to provide "an integrated environment for entrepreneurship and innovation in the region".For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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