- Ground work at Commercial Precinct at 65%
Dubai Maritime City, the world’s first purpose-built maritime centre and part of the Dubai World Group of companies, continues to achieve major development milestones and confidently progresses towards its 2012 completion date.
Infrastructure for the Industrial Precinct of the unique maritime development is set to continue significantly during 2009 making it fully operational ahead of schedule with 85 per cent of the work complete. Groundwork for the Commercial Precinct is at 65 per cent, while roadwork is in the final stages. The whole project is expected to be fully operational by 2012 as originally scheduled. Dubai Maritime City is currently in the middle of productive dialogue with local and global maritime interests to determine key areas to be considered as the development prepares to assume its strategic position as the Middle East’s maritime hub.
“We are pleased to announce that despite the challenges, the progress of Dubai Maritime City is well on track,” said Khaled Meftah, Director – Property, Dubai Maritime City. “With the infrastructure work in the Commercial Precinct currently in the final stages of completion, several real estate developers are starting to mobilise on some plots, which is a significant development, and takes us one step closer to creating a regional maritime hub that will complement Dubai’s expected emergence as one of the world’s most competitive maritime clusters,” he added.
The 2.27 million square metre Dubai Maritime City is divided into the Maritime Centre, the Industrial Precinct, The Academic Quarter, the Marina District, the Harbour Residence, and the
Harbour Offices. Different components of the city will be launched at different stages, such as the DMC Academy, which will be finished earlier. The appeal of the development remains solid as the global shipping industry is accustomed to the cyclical nature of both the business and the worldwide economy.
A number of Dubai and the maritime world’s leading developers are involved in the project, as it targets one of the world’s oldest and most important industries. Officials at DMC have explained that despite the global economic challenges, it’s been business as usual for developers within the project.
“Our own development is steadily progressing, and we are pleased to highlight that we will be building the first tower in the development that will adapt green building principles. This is in line with Dubai’s overall commitment to sustainable development and ecological responsibility. We will continue to support the eco-friendly aspirations of both Dubai and this pioneering maritime complex,” said Abid Junaid, Executive Director, ETA Star.
Meanwhile, Brijesh Bakhda, Director, Kensington, reiterated the company’s confidence in Dubai Maritime City: “As one of the developers in Dubai Maritime City, we were the first to affirm our belief in this prestigious project. It is exciting to be part of a development which will be crucial to Dubai’s transformation as a global maritime leader. We are progressing well with Kensington Krystal and with its outstanding design, prime oceanfront location and high-end business facilities we hope to create a unique tower within the city.”
On his part, Ahswin Sheth, CEO, IRIS, concluded by saying: “We are currently one of the oldest developers in the region, and yet we saw a lot of synergies between our company and this fresh venture in terms of vision. Dubai Maritime City serves as the perfect platform to realize our own dreams for Dubai as a regional and international maritime centre, and for IRIS as one of its major players.”
The iconic Dubai Maritime City reflects the huge success of the UAE’s economic diversification strategy. Upon completion, it will feature the country’s first National Maritime Museum and the region’s premier ship repair and maintenance facilities. Investors continue to be attracted to its free-zone benefits and business-friendly regulatory environment.
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