Dubai Holding and Emaar Properties have signed a joint venture agreement to develop a 6 million m² waterfront city within Mohammed Bin Rashid City (MBR City) in Dubai, UAE.
The project, named the Lagoons, will be three times the size of downtown Dubai and draw inspiration from the Dubai Creek.
The development, which will be anchored by the Dubai Twin Towers, will feature a central business district and a youth entrepreneurial zone.
Plans also include cultural amenities, residences, hotels, educational facilities, healthcare centres, a waterfront shopping mall and a range of leisure facilities.
All the components of the development will be designed as interconnected districts around waterfronts and green boulevards.
The project will be complemented by various sustainable transport modes including a direct link with Dubai Metro’s Red and Green Lines, an eco-tram system, light monorail and water taxis.
As per the plans, the waterfront, lined with retail, commercial and residential zones, will be constructed around two central parks.
In a joint statement, Emaar Properties chairman Mohamed Alabbar and Dubai Holding chief executive officer Ahmad Bin Byat said the project, which will be a new catalyst for growth and create opportunities for commerce and entrepreneurship, will set new benchmarks in urban development, with its focus on the tech-savvy and connected youth population.
"We are thus creating a vibrant destination that will not only address their lifestyle requirements of modern retail, entertainment and hospitality, but also connect them to their Arab heritage," they said.
"This prestigious development fulfills His Highness Sheikh Mohammed’s vision by creating a world-class infrastructure that will firmly establish Dubai as one of the top ten global cities by 2020."
Image: A view of the waterfront lifestyle envisaged by the project, inspired and built by the banks of the Dubai Creek. Photo: Courtesy of Dubai Holding.