Dubai Holding and Emaar Properties PJSC have inked a joint venture agreement to develop The Lagoons within Mohammed Bin Rashid City (MBR City).
A master-planned city for tomorrow is spread over an area of six million sq metres (over 1,482 acres). The project will bridge modernity with tradition.
In a joint statement, Mohamed Alabbar, chairman of Emaar Properties, and Ahmad Bin Byat, chief executive officer of Dubai Holding, said: “His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, constantly reminds us that Dubai has achieved less than 10% of its development potential. Dubai has always been a forward-looking city, and we look forward jointly to launch projects that are important to boost the city’s future development.”
The project will be a new catalyst for growth and create robust opportunities for commerce and entrepreneurship. At the heart of the project is The Dubai Twin Towers, a mixed-use iconic development that defines a new skyline for the city, and is envisaged to join the rank of the world’s skyscrapers.
The fully integrated community will have a central business district, an entrepreneurial zone, cultural amenities, residences, premium and affordable luxury hotels, educational facilities, healthcare centres, a waterfront shopping mall and a wide range of leisure choices.
The ‘green’ theme will further resonate in several environmental-friendly features including eco-resorts, water features, and gardens. A number of small marinas will also be developed across the waterfront.