Dubai Municipality and Emaar Properties will develop a mixed-use beachfront project in Al Mamzar in Deira.
Under the signed MoU, Emaar will conduct feasibility studies and present design models that will be approved by the Municipality.
The project is planned around the 53-hectare (131-acre) Al Mamzar Lake and will include waterfront residences, serviced residences, retail amenities, fountains and water features and water-themed attractions.
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, which we are leveraging for developing the project on land owned by the Municipality.”
Ahmad Al Matrooshi, managing director of Emaar Properties, 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.”