Property investors get on board Dubai’s coastal projects
August 20, 2008 by OPPE News
Dubai property developers are turning their attentions to the sea with vast investments in coastal communities.
According to Al Fara’a Properties, the Arabian Gulf is currently witnessing more than $100 billion (£53.8 billion) worth of water front development.
The company has announced it will get in on the act by ploughing cash into Dubai Waterfront and Dubai Maritime City, two of the world’s biggest coastal developments.
Al Fara’a’s scheme is in line with the ‘Blue Communities’ initiative, spearheaded by developer Nakheel and championed by ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum.
The scheme aims to effectively manage coastal projects while promoting ocean life preservation.
Al Fara’a director Natasha Gangaramani said:
“The Blue Communities initiative is a breakthrough model that underlines the importance of ensuring a healthy balance in the development of luxury projects and the preservation of marine life.
“Accordingly, we have translated our strong support for Nakheel’s pioneering concept into a concrete plan to build within Dubai Waterfront and Dubai Maritime City.”
Dubai Waterfront will extend the Emirate’s coastal line by up to 12 times its current length, or by 820km, and will provide sea access for trade and entertainment.
Designed to cater to commercial, residential and resort developments, the scheme will feature over 100 different waterfront projects and over 150 planned communities.
The expansive Dubai Maritime City is a 227 hectare maritime centre, expected to house 400,000 people by its 2012 completion.
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