A business park is set to be built in Dubai with a total budget of AED5 billion ($1.4bn), according to the UAE state news agency WAM.
The Emirates Towers Business Park project was unveiled by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Master planned by Dubai Holding, the development is to be located between Sheikh Zayed Road and Happiness Street, in close proximity to the Dubai International Financial Centre (DIFC). Once complete, the park will become an integrated business district in the heart of Dubai’s financial district, WAM said.
It will also provide a legislative environment with international standards of governance and transparency under the regulations of the DIFC Authority.
The report added that the project comes about as a result of the collaboration between Dubai Holding and the DIFC in response to the increasing demand from international corporations looking to set up a base in Dubai’s business environment.
Emirates Towers Business Park aims to meet the increasing demand for Grade A office space through high-and low-rise office towers that will cater to a range of requirements. The development will also include three five-star hotels. Jumeriah Group is set to manage one of those hotels, while leading international hospitality groups are being tapped to manage the others.
Retail space with a range of international brands and F&B options will also be available throughout the development, while there will be a dedicated arena for events and ancillary facilities to support corporates.
The development will also feature public parks, green spaces and will contain two covered pedestrian bridges connecting to DIFC.
“This new development reflects the wise and ambitious vision of our leadership and is in line with Dubai’s strategy of developing futuristic projects to meet the growing demand for integrated business districts and advanced legal infrastructure built on international standards of governance and transparency,” said Abdulla Al Habbai, chairman of Dubai Holding.
To ensure ease of access across the development, Emirates Towers Business Park will be supported by a three-level basement, with one level dedicated to traffic management, while the other two will provide 13,000 new parking spaces.
“DIFC continues to deliver on its ambitious plans to support the growth strategy of Dubai and the ongoing economic development of the UAE,” said Essa Kazim, governor of the Dubai International Financial Centre.
“Our collaboration with Dubai Holding is a perfect example of this strategy in action. By extending DIFC’s jurisdiction, the member companies of Emirates Towers Business Park will benefit from the Centre’s robust legal and regulatory framework as well as its world-class infrastructure that supports business growth throughout the MEASA region.
“It is our pleasure to work closely with Dubai Holding on this exciting development, which brings us a step closer towards our stated objective to triple the size of DIFC by 2024,” he added.
The location will host the Museum of the Future, which offers laboratories for innovation in different sectors, including health, education, smart cities, energy, and transportation.
Construction will commence by the end of 2017 with completion scheduled for within four years.