DWC to sell concept to the world

DWC Real Estate will begin exporting the concept of its massive aviation-logistics-property development, a senior executive says.

Broader look: The Dubai World Central will cover 140 square kilometres of mixed airport-logisctics-property facilities.

DUBAI // Dubai World Central (DWC) Real Estate, the Government-owned company building the world's largest airport in Jebel Ali, will begin exporting the concept of its massive aviation-logistics-property development through a new international division next year, a senior executive said yesterday. The first phase of the US$33 billion (Dh121.2bn) Jebel Ali development - including Al Maktoum International Airport, with six runways capable of carrying more passengers than Heathrow and Atlanta combined - is due for completion next year.

The entire project, called Dubai World Central, is more than just an airport and logistics hub, and will include housing and office space for 750,000 people, 850 commercial towers, 25 hotels and two 18-hole golf courses. "We are still maturing as a master developer and will soon be ready for other markets when we launch our international arm next year," said Khalid Harib bin Harib, the chief executive of DWC Real Estate, adding that he was eyeing the Middle East, Europe, Asia and Africa.

DWC Real Estate is responsible for designing, building, leasing and selling properties within the 140-square-kilometre project which is being built to serve the Emirate's aviation, tourism and logistics needs until 2050. The DWC project has already received interest from two firms in Europe, three in Africa and one each in the Middle East and Asia for future partnerships and investments, he added.

"Not many companies in the world have the expertise and the knowledge to build such a huge urban development combining aviation, cargo, commercial and residential components," he said. "It took us four years to get where we are, and this experience is matchless." Asia, Africa and the wider Middle East present the greatest potential for the project, he added. Mr Harib did not rule out partnerships with other state-owned entities, such as Dubai Ports World and Limitless.

He said the new firm, which was yet to be named, would be based in Dubai and have offices in other international locations. The new development in Dubai is divided into six components, including the Al Maktoum International Airport, Residential City, Golf City, Commercial City, Logistics City and Aviation City. DWC Real Estate has already sold the first two phases of Residential City at the airport development, generating about Dh10bn this year, and total revenue from all five phases of this development is expected to be in excess of Dh50bn.

The company plans to launch the sale of plots for Golf City next month, while the first phase of Commercial City and the third phase of Residential City will come on the market by March next year. Mr Harib has previously said the combined sale value of Golf City and Commercial City could be Dh230bn - Dh150bn from Commercial City and Dh80bn from Golf City. "These are baseline figures. With changes in the master plan, we are expecting a little more than that, but we still have to calculate the final figures based on land and number of units available," he said.

The money from land sales will be invested in infrastructure development and could also be used for low-cost housing. When completed, Al Maktoum International Airport will be the world's biggest passenger and cargo terminal with a capacity to handle up to 120 million passengers and 12 million tonnes of cargo annually. The airport is scheduled to receive the first cargo flight in January next year, and will be the home of FlyDubai, the Dubai Government's new budget airline, due to start flights in the second quarter of 2009.

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