Dubai Holding’s real estate development arm Dubai Properties has launched its AED1bn ($272m) Marasi Business Bay project along the banks of the Dubai Water Canal.

The waterside development will have a 12-kilometre promenade, water homes, retail outlets, floating restaurants, leisure facilities and five marinas.

The first phase is the promenade. Dubai Properties says it will be completed by September 2016, in line with the opening of the Road & Transport Authority’s Dubai Water Canal scheme, followed by The Park and The Yacht Club. A substantial part of the development is set for completion by 2020, with overall works concluded by 2023.