(MENAFN - Khaleej Times) Emaar Properties and Dubai World Central, or DWC, announced on Wednesday a joint venture to develop an integrated urban centre and golf destination at a prime location at the world's first purpose-built aerotropolis, which is home to Expo 2020 and the Al Maktoum International Airport.
Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation and President of Dubai Civil Aviation Authority, and Mohamed Alabbar, Chairman of Emaar, signed a memorandum of understanding to jointly develop the premium lifestyle development.
According to a statement, 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.
The DWC-Emaar JV project, the first of the key infrastructure development projects to be announced following the UAE's winning of the World Expo 2020 hosting bid, is being developed in line with the theme of the Expo - 'Connecting Minds, Creating the Future' and its three subthemes - 'Mobility, Sustainability and Opportunity.'
The development is spread over an area of 13.63 million square metres 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.
Shaikh Ahmed said the joint venture would work together to deliver a remarkable new work, live and play destination. "Through the joint venture with Emaar, we look forward to benefit from Emaar's specialisation and experience that they have demonstrated to creae truly world-class projects. In the coming future, Dubai World Central will witness several new projects to build an integrated city. Dubai is now focused on building world-class infrastructure to ensure that we deliver the promise of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to host the best Expo the world has witnessed."
Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation, said Dubai World Central is committed to delivering the vision of the UAE's leadership to astonish the world through the World Expo 2020. "A master-planned lifestyle community is central to our development approach, whereby we are creating elegant living spaces for Dubai's residents and visitors. The new lifestyle development in Dubai World Central will be a significant addition to the city's residential, retail and hospitality infrastructure."
Mohamed Alabbar, Chairman of Emaar Properties, said 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.
"We are now realising our dream of delivering the world's best airport city. In 2013, the AMIA opened its passenger services linking them with successful cargo and logistics services; the Dubai Airshow was held at DWC; and the Expo 2020 will also have its home at DWC. Many international companies have also set up operations at DWC. The Urban Centre & Golf District is further proof that DWC is shaping up the world's foremost aerotropolis," said Rashed Buqara'a, Chief Operating Officer, Dubai Aviation City Corporation.