Dubai Plans New $1.36bn Business District Project

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday launched plans for the AED5 billion ($1.36 billion) Emirates Towers Business Park project.

Masterplanned by Dubai Holding, the development is located between Sheikh Zayed Road and Happiness Street close to Dubai International Financial Centre (DIFC), state news agency WAM reported.

Upon completion, Emirates Towers Business Park will become an integrated business district in the heart of Dubai’s financial district and will provide a legislative environment with international standards of governance and transparency under the regulations of the DIFC Authority, a statement added.

The development is the result of mutual collaboration between Dubai Holding and DIFC in response to the increasing demand from international corporations looking to set base in Dubai’s thriving business environment.

WAM said the Emirates Towers Business Park will meet the increasing demand for Grade A office space through hi- and low-rise office towers catering to a range of requirements.

The development will also include three five-star hotels. Jumeirah Group will manage one, while the other two will be managed by other international hospitality groups, WAM added.

The development will also offer retail space with a range of international brands and F&B options, a dedicated arena for events and ancillary facilities to support corporates. The development will be interspersed with public parks, green space and will include two covered pedestrian bridges connecting to the DIFC.

Emirates Towers Business Park will also provide 13,000 new parking spaces.

Abdulla Al Habbai, chairman of Dubai Holding, said: "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.

"Emirates Towers Business Park demonstrates Dubai Holding’s commitment to the economic diversification of Dubai and strengthening its attractiveness as a preferred destination for regional and international corporates looking to leverage the wealth of opportunities for growth and expansion."

Essa Kazim, governor of Dubai International Financial Centre, added: "DIFC continues to deliver on its ambitious plans to support the growth strategy of Dubai and the ongoing economic development of the UAE.

"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."

Sheikh Mohammed said that Dubai’s major real estate projects aim to enhance the emirate’s development across sectors, and enhance its readiness for the future as part of the comprehensive growth strategy.