One of the world’s largest automated car parks will be built in Dubai as part of the emirate’s first public private partnership (PPP) deal, which was signed off on Thursday.
The car park will be built within the premises of Dubai Courts, which has agreed a 30-year concession deal with Park Line LLC, a special purpose company set up by a division of KBW Investments and a subsidiary of Indian transport firm ITNL.
The full project involves the construction of a new Supreme Court building, plus 18,600 square metres of office space, and over 3,000 metres of retail space, as well as the new car park.
It will be built on the site’s existing car park, and is scheduled to be completed before the end of 2018.
“The Dubai Supreme Courts development, an expansive project that will be a hallmark achievement in NGP’s portfolio, demonstrates the UAE’s forward-thinking movement toward smart and sustainable building,” said Prince Khaled Bin Alwaleed bin Talal, the founding chairman of KBW Investments, in a press release.
Dubai is shifting away from funding infrastructure projects entirely from direct government budgets and looking into tapping more private financing.
In November last year, the emirate put into effect a new public-private partnership law, signalling more interest in attracting private investment to develop projects and ease the burden on government budgets.For all the latest construction 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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