The first homes in what has been described as the UAE's first 15-minute city will be handed over in the first quarter of 2026, Expo City Dubai authorities said.
The site of the world's fair, held in the emirate from October 2021 to March 2022, is being transformed into a city where attractions, transport links, schools and parks will be within walking distance for residents. Videos of construction shared for the first time show cranes operating near much-loved Expo pavilions.
Work is under way to build apartments and villas with paths and hiking trails that will turn the sprawling Expo 2020 site into a residential community.
The apartment buildings, featuring homes ranging from one to four bedrooms, will have views of the Surreal water feature and the massive Al Wasl Plaza. A senior Expo official said details of the school and hospital to be built in the area would be announced soon.
The plot is in the middle of the existing Expo area where people will be able to see the Surreal waterfall from their window
Ahmed Al Khatib,
chief development and delivery officer at Expo City Dubai
Building for the future
Homes in three residential projects are to be handed over in 2026. Construction areas have been cordoned off, but Expo City Dubai remains open for events and visitors.
“There are two more projects upcoming. We will be announcing these soon in relation to the residential offerings,” Ahmed Al Khatib, chief development and delivery officer at Expo City Dubai, told The National.
“The city has a lot to offer in terms of a new way of living and working. We will soon be looking at launching sale of land plots whether for commercial or residential use.
“There are a lot of major components that will be announced soon, before the end of this year, that will also make this city the core of the new Dubai that will have everything built around it.”
He said the projects were the start of "our vision for a human-centred approach where everything is within 15 minutes reach – offices, entertainment, events, coffee shops".
“The city is growing, it will have its own schools, hospitals, offices, all the components needed for any city to grow," he added. “The whole area surrounding Expo is owned by Expo and that land is now being developed. It was built for the purpose of the event and, now that the event is over, the city is growing in to the surrounding plots.”
Can you still visit?
Authorities said international conferences, concerts and sports events will continue to be held at Expo City Dubai. Visitors will still have access to attractions while the residential neighbourhoods are developed.
Parks and venues at the site have been in use since the Expo welcomed people and delegates from around the world.
“That’s what makes our Expo City unique, we are focusing on our build from the inner core outward,” Mr Al Khatib said.
“Usually when you develop a project, you develop the buildings and then start work on the surroundings. Here we have our surroundings and there is a plot within that ecosystem that we are building.
“It’s like building a plot in any place in the city. You fence that plot off and build construct within that plot.”
Visitors can continue to visit the Terra and Alif pavilions, as well as Al Wasl Plaza, which was a focal point of the site during Expo 2020 Dubai.
Residential projects
Properties have sold out at the first apartment project, Mangrove Residences. Prices for one-bedroom units started at about Dh2 million ($544,590).
“Mangrove Residences will be the first apartment project to be handed over, with 450 units split into three buildings,” Mr Al Khatib said. “All units were sold out and completion is expected by first quarter of 2026.
“The plot is in the middle of the existing Expo area, where people will be able to see the Surreal waterfall from their window. It’s maybe 150 metres from Al Wasl so it’s in the middle of the actual Expo City.
“The year 2026 is the handover year for us, for the ongoing residential projects of Mangrove Residences and Expo Valley.”
Expo Valley is adjacent to the Expo site and consists of 532 units. These comprise townhouses, three to four-bedroom villas and sprawling high-end homes that will be built amid a nature reserve, water bodies and a wadi.
Those villas also sold out, with launch prices from Dh3.4 million to more than Dh15 million. “Expo Valley is all about living in nature and within a reserve in a very sustainable way,” Mr Al Khatib said.
“There will be a big component of health and well-being and a relaxed style of living for families.”
Expo Valley villas will be handed over between the first and third quarters of 2026.
About 420 apartments in a project called Sky Residences are still available, with costs from Dh1.8 million. They are also near Al Wasl Plaza and are scheduled to be completed by the third quarter of 2026.
Plots to be launched
To meet the demand for villas, Expo City authorities plan to release more plots. “We have been approached many times by buyers who want to buy more villa plots, so we introduced villa plots inside Expo Valley itself,” Mr Al Khatib said.
“So when you buy that plot you will also enjoy the entire nature reserve experience.”
Plot sizes in Expo Valley range from about 700 to 1,115 square metres, with prices above Dh8 million.
Plans are to be announced for more plots sales on the surrounding Expo site. The plots will be for residential and commercial properties.
Among the businesses that have announced they will operate in the area are Siemens, DP World and the Terminus Group.
Walking in nature
Plans for the 15-minute city include nature trails, as well as walking and cycle paths. A "folded earth" concept at Expo Valley will aim to ensure views are not blocked by buildings.
“The atmosphere will be way cooler here due to details in the landscaping and coverage of many water feature locations,” he said.
“This will allow for more greenery, more air circulation and it’s being done on a very scientific basis. All residents will be able to enjoy trails to walk and hike in nature.”
Mr Al Khatib has been with the Expo project from the beginning, including helping to prepare the site to welcome millions as the world emerged from the Covid-19 pandemic.
“It’s a unique, literally once-in-a-lifetime opportunity,” he added. “It’s been about planning to building to transition from one use to another. I’m looking forward to finishing it – again.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
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Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
