Work is set to restart on the construction of the Dubai Trade Centre District later in 2013, after the project secured approval from the Dubai Government in the UAE.
A re-masterplanning of a 146,000m² site between the Dubai International Convention and Exhibition Centre and Emirates Towers is reported to be currently underway.
Phase one of the project will feature a 588-room hotel and three new commercial buildings near the Dubai International Convention and Exhibition Centre.
Construction work is due to start on site in the third quarter of 2013. The first of the commercial buildings is expected to complete in 2015 while the hotel is scheduled to open in 2016.
Construction of the other two buildings is expected to start in 2014 and 2015 and complete within 30 months.
Dubai World Trade Centre (DWTC) CEO and director general of the department of tourism and commerce marketing Helal Saeed Almarri said in the late 1970’s the building of Sheikh Rashid Tower was the catalyst for the development of the Commercial Business District (CBD).
"As shown by the high occupancy rates of commercial buildings in the CBD, there is now demand for prime office space in the area, particularly from large multinational corporations looking to consolidate and companies who are outgrowing their existing offices," Almarri said.
Almarri added that the re-masterplanning of the site and a multi-phased approach will ensure that plans for the Dubai Trade Centre District are in line with evolving market dynamics.
Al Jaber Engineering & Contracting secured a $926m contract to develop the Dubai World Trade Centre district in 2008 but the project was put on hold due to the unfavorable economic conditions in the region.
Image: The first phase of Dubai Trade Centre District will feature a hotel and three commercial buildings. Photo: Courtesy of Dubai World Trade Centre.