Dubai World has started six mixed-use projects featuring new office, hotel and residential buildings in Dubai Maritime City (DMC) in the 227-hectare man-made peninsula between Drydocks World and Port Rashid.
The six projects worth AED2.5bn ($680.55m) will be carried out by six developers and include the 34-storey Swiftships Tower office building, the Iris Mist hotel apartment and residences, and the Kensington Krystal budget hotel to be developed by Kensington Global.
Sanali Global will build Sanali Aquamarine Residential Apartments, while Dubai Investments Real Estate plans to build a six-star hotel within the district.
Dubai World chairman HH Sheikh Ahmed Bin Saeed Al Maktoum said: "Dubai Maritime City represents the vision set for Dubai as a hub that offers a unique environment for the global maritime community to grow and develop.
"The launch of the business district is another milestone in this journey towards maritime excellence. We congratulate the DMC management, employees and other stakeholders for making this possible."
Construction work on the project is expected to begin at the end of 2012.
The 121-hectare business district complements the Marine Industrial District operation which started in early 2011 under the first phase of the three-phase development.
The business district includes a maritime centre, harbour offices and residences, a marina, an academic quarter and a hotel.
DMC, which is the world’s first maritime cluster, integrates developments encompassing commercial, industrial, academic, residential and lifestyle components.
It is designed specifically to enhance the maritime industry and serve as a unique place in which the maritime community can work, live and play.
Dubai World revealed the plan to go ahead with the second-phase development nine months after launching the first phase of its $3bn Marine Industrial District, which comprises the marina operation.
DMC completed the first phase of its 106-hectare Marine District development featuring a total of 96 units of different-size buildings in March 2011.