Emaar Properties said on Wednesday it has signed a memorandum of understanding with Dubai World Central to develop an integrated urban centre and golf destination at the home of the Expo 2020 site.
The project is the first of the key infrastructure development projects to be announced following the UAE's winning of the World Expo 2020 hosting bid.
The development will be spread over an area of 13.63 million sq m with the first phase of the project to include a golf-course villa community, several hotels, a high-end shopping mall, leisure attractions, and a business hub that promotes youth entrepreneurship.
The MoU was signed by Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Aviation City Corporation and president of Dubai Civil Aviation Authority and Mohamed Alabbar, chairman of Emaar Properties.
"The new development reflects the need for more strategic projects that can meet the growing demand for luxury residences resulting from the ongoing increase in the number of senior investors, executives and employees at Dubai World Central," a statement said.
Sheikh Ahmed added: "Through the joint venture with Emaar, we look forward to benefit from Emaar's specialisation and experience that they have demonstrated to create truly world-class projects.
"In the coming future, Dubai World Central will witness several new projects to build an integrated city."
Alabbar said: "We are thankful to the Dubai Government and the Dubai Aviation City Corporation for the opportunity to be part of the ambitious developments that will fully equip our city to host the World Expo 2020.
"It is important that the city further builds its retail, hospitality and residential facilities to meet the anticipated demand. With a number of hotels and retail choices, in addition to a dedicated villa community set around a golf course, the new development will be another sterling addition to Dubai's mega-developments for the future."
The masterplan for the joint venture project is currently being finalised.
The key considerations in the design and construction of the development will be sustainability, one of the subthemes of the World Expo 2020. Energy-efficient building technologies will be integrated into project development, and green building practices followed, the statement added.For all the latest GCC 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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