The Mohammed bin Rashid Al Maktoum Foundation has recently made an announcement regarding the launch of their ambitious project for the development of new lifestyle project in Dubai.
As per the deal, MBRF will extend part of its land bank to develop an integrated community project at a central location in Dubai. The master plan of the project constitutes several lifestyle amenities such as hotels, shopping centers, educational institutions, healthcare and bookstores. The new project will have several global branded stores to attract the foreign tourists here.
It will also make use of green building techniques and have extensive sustainability features. More details on the development will be announced in due course, MBRF said in a statement. “The joint venture project with Nshama is aimed at establishing lifestyle destinations of the future with a focus on sustainability and culture,” said Jamal Bin Huwaireb, managing director of MBRF.
Fred Durie, CEO of Nshama, said that the project will have a large number of green spaces and a pedestrian friendly layout. He added that the development is aimed at the “youth and creative community”.
Dubai’s real estate prices recovered strongly in 2013 after plummeting more than 60 per cent following a market crash in 2008. The rebound in the emirate’s property sector has prompted existing developers such as Emaar, Nakheel and Damac to launch new projects while attracting new players into the industry.
The developers of the plan has expressed that enthusiasm over the project and mentioned that in coming days, the project will be known as the lifestyle hub of the city.
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