Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.
Two of Dubai’s leading real estate developers, Emaar Properties and Dubai International Properties (DIP), a subsidiary of state-owned Dubai Holding, announced on 29 March plans to invest nearly $20,000 million in mixed-use tourism, commercial and residential projects in the kingdom over the next 10-15 years (MEED 2:12:05). Emaar’s three new projects are estimated to total about $5,400 million, taking its total portfolio in the kingdom to almost $7,000 million. The landmark project, Saphira, will centre on the regeneration of the Rabat corniche. The $3,100 million project includes construction of hotels, apartment blocks, boulevards, a shopping centre and a tram system. Covering an area of 300 hectares, it will stretch 11 kilometres along the capital’s coastline. The first major construction packages, which will include hotels and apartments, are expected to be tendered by the end of the second quarter. The entire project will be completed by 2016. South Africa’s Northpoint is working on the detailed masterplan.