A Rendering of Dubai Harbour, which is to be nestled between the Palm Jumeirah and Jumeirah Beach Residences. Wam
A Rendering of Dubai Harbour, which is to be nestled between the Palm Jumeirah and Jumeirah Beach Residences. Wam

Dubai Harbour: Sheikh Mohammed unveils major new project with Middle East’s biggest marina



A major new waterfront development featuring the Middle East’s largest marina capable of handling 1,400 vessels is to be built on the Dubai waterfront.

The 20 million square foot Dubai Harbour project will be developed by Meraas Holding and will contain a 135 metre-high tower, Dubai Lighthouse, that will house a luxury hotel and an observation deck. It will also feature a 150,000 sq ft cruise liner terminal capable of handling 6,000 passengers, as well as entertainment and retail space, a yacht club, shopping mall, hotels and residences.

The 1,400-berth marina will increase Dubai’s capacity for handling yachts by almost 50 per cent from the current 3,000 berths in the Emirate. It will also add the capacity to handle larger yachts of up to 85 metres in length.

The project will be built on a site at Mina Seyahi on a plot between Jumeirah Beach Residence and Palm Jumeirah off King Salman bin Abdulaziz Al Saud Street (formerly Al Sufouh Road) and will integrate the current Skydive Dubai, Dubai International Marine Club and Logo Island sites into a single community through a new road network and a monorail. It will be developed in several phases and is expected to take four years to build once work starts.

A master plan for the project was unveiled by Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai, on Monday. He said that Dubai Harbour “represents a unique and innovative new addition to the region’s tourism landscape”.

“I am confident that the project will have a highly positive effect on our entire region’s tourism sector. We are keen to encourage new projects and promote investments that will contribute to bringing to the region more tourists interested in experiencing this part of the world,” he said.

Meraas has already begun talks with four of the world’s biggest cruise liner firms with a view to targeting this sector, as well as with Emirates Airline.

It has also held talks with the RTA over connectivity. As well as being able to access the site from King Salman bin Abdulaziz Al Saud Street, there will be a new bridge linking directly from Sheikh Zayed Road. It can also be accessed through public transport either from the monorail system at Palm Jumeirah or from a metro stop at the new Bluewaters Island project. There will also be a pedestrian bridge with a jogging and cycling track to the Palm Jumeirah.

mfahy@thenational.ae

Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Saturday's results

Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City

RACECARD

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter


On The Money

Make money work for you with news and expert analysis

      By signing up, I agree to The National's privacy policy
      On The Money