regional overview 14
Below: Dubai International Financial Centre
Despite the downturn, and the resulting adjustments to
timelines, many of Dubai’s mega projects are forging ahead.
Work on Nakheel’s US$14.5 billion Waterfront is still ongoing,
and a project update in May 2009 stated that land reclamation
and earthworks are expected to be completed in 2012. The
island-based development will cover 440 square kilometres and
is planned to accommodate up to 750,000 people.
The world’s tallest building, the Burj Dubai, is set to open in
September 2009. Emaar’s US$1 billion tower will contain
residential units, offices and a Giorgio Armani hotel.
UAE developer Limitless is progressing on the US$13 billion
Despite the downturn, and the resulting
Downtown Jebel Ali project, a mixed-use community which will
accommodate more than 200,000 people in four zones. Salah
adjustments to timelines, many of Dubai’s
Ameen, project director, says that the infrastructure works are
mega projects are forging ahead
on track: “When it comes to the infrastructure the works are on
schedule for all four zones. We are expecting the infrastructure
for zones one and two to be ready in 2009, while for zones three
and four, the expectation is January 2010.” Although Limitless is
residential space in Abu Dhabi. I think that later this year, some of the master developer for the project, there are certain areas that
the developers will start delivering major residential projects. We have been allocated to third-party developers – all such plots
are very comfortable with the situation. We know for a fact that have now been handed over. Yet Ameen admits that there have
people are living in Dubai and commuting to Abu Dhabi because been delays with third party deliveries: “Some of the third parties
they can’t find space.” have deferred their progress – this is something out of our
control and it is up to them to re-plan their progress.”
In February 2009 it was announced that the US$10 billion
Ghantoot Green City has been put on hold by developer Major components of the project are taking shape, according
International Capital Trading. The 60-kilometre development is to Ameen. “The first four buildings with commercial spaces are
planned to contain commercial centres, hotels, offices, residential already complete – they are around 50 percent occupied, and
units, warehousing and light industrial areas. we are still receiving enquiries for leasing. A further four towers
– two for residential units and another two for commercial – are
Construction work is still forging ahead on the massive due for completion at the end of this year.” Ameen believes that
US$22.9 billion Saadiyat Island development, overseen by the developers should not be put off by the current market: “I believe
Tourism and Development and Investment Company (TDIC). that the real developers should be brave – the people that are
The island will contain a Cultural District with five museums, really shaking this market are the speculators. I think that the
including offshoots of the Louvre and Guggenheim, as well as developers that are really serious about their developments
19 kilometres of beachfront and 38,000 residential apartments. should not be shaken by this.”
Meanwhile, the US$22 billion Masdar City – renowned for However, Ameen is adamant that the market will bounce back:
its reliance on solar and wind energy – has been under “We should remember that Dubai has been through turmoil a
construction since October 2008 and is expected to be few times – this is not the first. Perhaps the previous episode
completed by 2016. In February, Al Jaber Group was awarded was during the first Gulf War. But due to the way the country is
a US$1.6 billion contract to develop the infrastructure for structured – from the infrastructure to governmental support –
phase one of the project. Further east, Dubai, which led the it picks up every time. I strongly believe that Dubai will stand tall
development boom, has seen a number of projects stall in at the end of this recession.
recent months. A major project that has been put on hold is
the gigantic US$95 billion Jumeirah Gardens Development by “When we talk to our clients, we assure them that this is
Meraas, which was launched in October 2008. Located in the something that is happening globally and that Dubai is not
Satwa area, the scheme will cover an area of around 110 million isolated. But every time that this has happened in the past 30 to
square metres, and will include office, residential, retail, leisure 40 years, Dubai has come back and become even stronger.”
t
and entertainment components, as well as a canal that will run
through the heart of the development. Project data courtesy of Proleads
PREVIEW Cityscape Dubai
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