Emaar is set to develop the first major beachfront resort in Dubai’s north-eastern fringe of Al Mamzar.
The developer yesterday signed an initial agreement with Dubai Municipality for the new development that will be planned around the 53-hectare Al Mamzar Lake.
“Emaar will conduct the required feasibility and environmental studies, and design a world-class project that is suited to the nature of the land,” said Abdullah Mohammed Rafi, the deputy general manager of engineering and planning at Dubai Municipality.
“We will evaluate the report submitted by Emaar to choose a development model that complements Al Mamzar’s current status as one of Dubai’s most popular leisure destinations.”
Emaar is considering waterfront and serviced residences, retail amenities, fountains and water features, and water-themed leisure attractions for the new development.
“The proposed mixed-use project, which will be developed to the highest standards of sustainability, underlines the strategic vision of Dubai Municipality to drive the all-round growth of the city,” said Hussain Nasser Lootah, Dubai Municipality’s director general.
“The project will further drive the economy through its value-added residential, retail and leisure components.”
Emaar’s other beachfront developments include Dubai Marina and the upcoming Dubai Creek project in conjunction with Dubai Holding.
Last month Nakheel released 94 hotel and resort plots for sale on Deira Islands, a stone's throw away from Emaar's planned development.
Nakheel’s plots on two of the four islands – the remnant of its aborted Palm Deira project – which could eventually accommodate 23,000 new hotel rooms, will fill a gap in the market for beachfront three and four-star hotels in Dubai.
Dubai’s north-eastern districts have hitherto not experienced the dramatic developments in other areas in the emirate, said Craig Plumb, the head of Mena research at the real estate analysts JLL.
“There’s been very little new development in that area largely because it’s not a freehold area,” he said. “You’re basically limiting demand to GCC nationals, so it’s obviously a lot more attractive to developers to sell in other locations where they can sell to foreign parties as well.”
The lack of availability of land for development in the area was also a factor.
“It’s obviously a very densely developed area so sites don’t become available that often. So it becomes a major constraint to putting together a sizeable project in that location.”
jeverington@thenational.ae
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