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Sat 12 Apr 2008 08:09 PM

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Dubai unveils $54bn eco real estate project

Mohammed bin Rashid Gardens will stretch over 82 km2 will 73% covered in greenery.

Dubai has launched a ambitious 200 billion-dirham ($54.4 billion) environmentally friendly real estate project stretching over 82 square kilometres, state news agency Wam reported on Friday.

The project, called Mohammed bin Rashid Gardens, will be made up of four main clusters themed around wisdom, humanity, nature and commerce, with 73% of the total area - roughly 60 square kilometres - to be covered in greenery.

The biggest cluster will be the House of Nature. This will include parks, flower gardens, recreational clubs, a zoo, hotels, environmental labs and alternative medicine and herbal healing clinics.

The House of Wisdom will include a library, international universities, history and science colleges and the Sheikh Mohammed Mosque.

The House of Humanity will include the Mohammed bin Rashid Al Maktoum Humanitarian and Charity Establishment, the Museum of Light, the Human Civilisation Museum and other charities such as Unicef.

The House of Commerce will include banks, financial services firms and insurance companies, as well as higher educational institutions that specialise in banking and finance.

Dubai Properties, part of state-owned conglomerate Dubai Holding, will oversee the project, which will be carried out in six stages.

Dubai Holding CEO Mohammed Abdullah Al Gergawi, also UAE minister of cabinet affairs, said was aimed at creating a "clean environment free from pollution to safeguard health of coming generations", quoted Wam.

Wam did not say in its report where the project will be located or when construction will begin.