Dubai Holding and Emaar ink deal to revive The Lagoons

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Dubai Holding and Emaar Properties last month signed a multi-billion dollar joint venture agreement to develop The Lagoons, a waterfront city that the developers say will define the ambitious new face of Dubai’s future.

Inspired and built by the banks of the Dubai Creek, the project will be spread over an area of 6 million sq metres (over three times the size of Downtown Dubai) on seven separate islands and will be anchored by the Dubai Twin Towers.  The development will also feature a central business district, youth entrepreneurial zone, residential apartments, shopping malls, office buildings and five-star hotels.

The sweeping waterfront of the project will be lined by retail, commercial and residential zones built around two central parks.The sweeping waterfront of the project will be lined by retail, commercial and residential zones built around two central parks.

The original Lagoons project was initially announced by a unit of Dubai Holding in 2006 but the development was one of several projects that were shelved following the bursting of the emirate’s property bubble in late 2008.

Dubai Holding confirmed the relaunch of the revamped project in May and announced additional details of the development and the partnership with Emaar Properties during the Cityscape exhibition last month.

In a joint statement, Mohamed Alabbar, Chairman of Emaar Properties, and Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “Dubai has always been a forward-looking city, and today, as we enter our next phase of growth, it is important that national champion companies such as Dubai Holding and Emaar work jointly to launch projects that are important to boost the city’s future development.

“As the city further underlines its credentials as a global hub by welcoming professionals and entrepreneurs from around the world, to record 20 million visitors by the turn of the decade, it is important to continue to build our world-class infrastructure to meet future needs.

“This project, which will be a new catalyst for growth and create robust opportunities for commerce and entrepreneurship, will set new benchmarks in urban development, with its focus on the tech-savvy and connected youth population who are taking centre-stage in driving Dubai’s impressive growth.”

At the heart of the project is the Dubai Twin Towers, a mixed-use iconic development that will define a new skyline for the city, and is envisaged to join the rank of the world’s most prestigious skyscrapers.  The development will be supported by several sustainable transport modes including a direct link with Dubai Metro’s Red and Green Lines, an eco-tram system, light monorail, and water taxis.

The sweeping waterfront of the project lined by retail, commercial and residential zones will be built around two central parks.  Developers say the ‘green’ theme will further resonate in several environmental-friendly features including eco-resorts, water features, and gardens.  A number of small marinas will also be developed across the waterfront, providing the entire spectrum of lifestyle choices for residents and visitors.