Dubai ruler’s firm plans major new property development

4 September 2016, 7:03 pm

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A company controlled by Dubai’s ruler unveils plans for a vast mixed-use development project in the emirate that will create thousands of new homes and hotel rooms.

Developer Dubai Holding said work on the new “Jumeriah Central” district will begin next year along Sheikh Zayed Road, the city’s main artery. It will sit across from the Mall of the Emirates, home to an indoor ski slope.

Journalists and Emirati officials listen to Morgan Parker, Chief Operating Officer of Dubai Holding, as he explains over the architectural model of the “Jumeriah Central” development, a US $ 20 billion project, during a press briefing in Dubai, United Arab Emirates, September 4, 2016. (AP Photo/Kamran Jebreili) — Journalists and Emirati officials listen to Morgan Parker, Chief Operating Officer of Dubai Holding, as he explains over the architectural model of the $20 billion ‘Jumeriah Central’ development project, during a press briefing in Dubai, United Arab Emirates, September 4, 2016. (AP Photo/Kamran Jebreili)

The project is expected to take years to complete at a cost of $20 billion. Plans call for 11,000 residential units, three shopping malls and numerous hotels, offices and entertainment attractions.

Dubai’s property sector has recovered rapidly since the emirate’s debt-fueled 2009 financial crisis, helped by an improving global economy and increased tourism as Dubai prepares to host the 2020 World Expo.

–AP