Dubai’s vision as a global maritime hub took another major step forward with the launch of the mixed-use Business District at Dubai Maritime City (DMC) under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World.
HE Mohammed Al Shaibani, the Director General of HH The Ruler’s Court, Government of Dubai, Khamis Juma Buamim, Chairman Drydocks and Maritime World, senior company executives, government officials, representatives of developers participating in the project, and special invitees, were present the grand inaugural ceremony on DMC’s 227-hectare man-made peninsula between the Drydocks World and Port Rashid.
Work will begin on six new projects in the Business District, keeping in step with the launch. They are: Swift Development’s Swiftships Towers, which are office towers, Sheth Developers with the Project ‘Iris Mist’Hotel Apartments & Residences, Kensington Global with a budget hotel Kensington Krystal, Sanali Global’s Sanali Aquamarine Residential Apartments and Dubai Investments Real Estate with a six star hotel. Project mobilization and commencement of construction is expected towards the end of 2012.
The 121-hectare Business District, estimated to cost around AED 2.5 billion, is at the heart of the visionary DMC project and complements the Marine Industrial District Operation inaugurated earlier this year under the first of the 3-phase development. It will serve as the main business growth engine of DMC, accounting for nearly 90% of its projected total income in 2013. It includes a maritime centre, harbour offices and residences, a marina, an academic quarter and a hotel.
Nineteen well-known developers are being considered to handle the development and sale of the commercial and residential units in the Business District. They are: Swift Development, Kensington Global Investment INC, Al Burj Real estate, Dubai Investment Real Estate, Sanali Global Limited, Al Faraa Investment, Sheth Estate International Limited, ETA Star Property Developers LLC, Deyaar Development – PJSC, Mena Capital Investment, Omniyat Properties Eighteen Ltd, Vakson Freehold, Meyadeen, Hemen R E D & General Trading Limited, Mohammed Shafar, Das Holding, DAMAC, Ismail Janahi, Esam Janahi.
DMC is the world’s first maritime cluster with an integrated development encompassing commercial, industrial, academic, residential and lifestyle components.