(MENAFN Press) Emaar Properties PJSC, the global developer of iconic projects, and Dubai Municipality today announced the signing of a Memorandum of Understanding (MoU) to develop a mixed-used beachfront lifestyle development in Al Mamzar.
Emaar will conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality. Following approval of the masterplan, the two parties will finalise the project management structure.
The project, which is being planned around the 53-hectare (131-acre) Al Mamzar Lake, is expected to draw on the unique lakefront ambience. Among the components being considered for the project are waterfront residences, serviced residences, retail amenities, fountains and water features, and water-themed leisure attractions.
The MoU was signed by Abdullah Mohammed Rafi, Deputy General Manager of Engineering & Planning at Dubai Municipality, Dawood Al Hajri, Director of the Planning Department, and Ahmad Al Matrooshi, Managing Director of Emaar Properties PJSC.
Eng. Hussain Nassir Lootah, Director General of Dubai Municipality, said: "The proposed mixed-use project, which will be developed to the highest standards of sustainability, underlines the strategic vision of Dubai Municipality to drive the all-round growth of the city. Envisaged as a modern lifestyle hub, the project will further drive the economy through its value-added residential, retail and leisure components. Emaar has a strong track-record in developing mixed-use developments, ich we are leveraging for developing the project on land owned by the Municipality."
Abdullah Mohammed Rafi added: "As per the MoU, Emaar will conduct the required feasibility and environmental studies, and design a world-class project that is suited to the nature of the land. We will evaluate the report submitted by Emaar to choose a development model that complements Al Mamzar's current status as one of Dubai's most popular leisure destinations. Through the proposed project, we aim to add further value to the area, in turn contributing to Dubai's economy."
Ahmad Al Matrooshi said: "We are thankful to Dubai Municipality for the opportunity to evaluate and propose a mixed-use development model that suits the environmental features of Al Mamzar. Dubai Municipality's initiative to explore the development potential of Al Mamzar will further add to the city's economy by creating another engine of growth in the Deira region. Emaar has proven competencies in undertaking waterfront projects that uphold all environmental guidelines. For the potential new project, we will focus on sustainable development initiatives, which will reflect across all aspects of the development. It will be a great value addition to Deira, and will also create new jobs and supporting ancillary industries."
Emaar's waterfront projects in Dubai include Dubai Marina, the region's largest marina development of its kind, and the ongoing waterfront project along Dubai Creek, developed as a joint venture with Dubai Holding.
Emaar Properties PJSC