Work is set to re-start on the stalled project to redevelop the Dubai trade centre district.
According to Emirates News Agency WAM, a remasterplanning of a 146,000m2 site between the Dubai International Convention and Exhibition Centre and Emirates Towers is already underway.
Approval has already been granted by Dubai’s deputy ruler and Dubai World Trade Centre chairman HH Sheikh Hamdan bin Rashid Al Maktoum for construction to re-start on the project.
This includes the green light for the first phase of construction which includes a 588-room, mid-range hotel and three new commercial buildings next to the Dubai International Convention and Exhibition Centre. Construction work is due to start on site later this year, and the first of the commercial buildings is set to complete in 2015. The hotel is expected to open in 2016.
Dubai World Trade Centre CEO Helal Saeed Almarri said: “In the late 1970’s the building of Sheikh Rashid Tower – the premier building of DWTC – was the catalyst for the development of the Commercial Business District (CBD).
“As shown by the high occupancy rates of commercial buildings in the CBD, there is now demand for prime office space in the area, particularly from large multinational corporations looking to consolidate and companies who are outgrowing their existing offices. Occupancy rates in business hotels are similarly high, demonstrating a requirement for more supply. This first phase of Dubai Trade Centre District will cater to this dual demand.”
A $926m contract to develop the Dubai World Trade Centre district was signed in 2008 with Al Jaber Engineering & Contracting and the work was initially meant to complete in 2011, but the project was put on hold due to the economic uncertainty in the region.
Almarri said that the remasterplanning of the site would ensure that “plans for the Dubai Trade Centre District are able to respond to evolving market dynamics”.