Dubai, UAE – 16 September 2014 – His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has given the go-ahead for a number of ambitious development projects by the Investment Corporation of Dubai (ICD) over the coming three years. After completion, the projects would contribute 10 per cent to the national economy.
Accompanied by Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Shaikh Mohammed was briefed on the design concepts and architectural master plans of the projects by the Director of Dubai Ruler’s Court and ICD CEO Mohammed Ibrahim Al Shaibani and a team of engineers during a special demonstration at the Atlantis Hotel and Resort at Palm Jumeirah.
Praising the projects, Shaikh Mohammed gave directives that the projects be completed by 2018.
Shaikh Mohammed examined the model of Royal Atlantis Resort, to be built on Palm island in Dubai. Consisting of 800 rooms, suites and 250 luxurious hotel apartments, the Royal Atlantis Resort will cost approximately $1.5 billion. The project will also house recreational, entertainment and services facilities built to the highest international standards.
In his briefing, Al Shaibani said the first phase of the Dh8 billion Dubai Waterfront mixed-use project is expected to be completed by end of 2016. The first three phases of the project will spread on an area of approximately 820,000 square metres and will include parking lots for 6,000 vehicles.
Shaikh Mohammed was also briefed on the One Zaabeel project which will be located between the Dubai World Trade Centre and Zaabeel Park and will consist of two towers (residential and commercial) linked by a suspended bridge. One Zaabeel will have an approximate cost tag of Dh2.5 billion and will include 550 residential units, two hotels and 130 hotel apartments.
The briefing also included the Warsan project with an estimated area of one million square metres located on Al Aweer Road. The project includes 2,100 residential units and a school that can accommodate 3,000 students. The first phase of the project is expected to be completed within three years with an approximate cost of Dh2.5 billion.
Meanwhile, the Investment Corporation of Dubai also teamed up with Kerzner International Holdings to construct Atlantis resort in China. The ultra luxurious resort will span across an area of 60 hectares with expected completion on 2016.
Shaikh Mohammed praised the quality architectural designs of the projects undertaken by the Investment Corporation of Dubai and its role in developing and diversifying revenues. He said that large-scale projects like these stand proof to the strength of UAE’s economy.
The presentation was also attended by Dubai Director of Protocol and Hospitality Khalifa Saeed Suleiman and Meraas Holding Chairman Abdullah Al Habbai and a number of engineers.