By Lily B. Libo-on www.khaleejtimes.com
The Roads and Transport Authority (RTA) will be developing over 14 million square feet of retail, dining, hospitality and residential areas along an esplanade that borders the Dubai canal, which connects Jumeirah Beach to the Business Bay.
To be known as the Dubai Water Canal Project, the development was signaled by the recent signing of an agreement on the RTA premises with two real estate developers, Meydan and Meraas, and is expected to attract 30 to 36 million visitors to Dubai yearly.
The agreement was signed by Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA; Saeed bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group; and Abdullah Ahmed Al Habbai, Group Chairman of Meraas Holding.
The two companies will construct hotels, shopping mall as well as several retail and dining outlets, and residential units on the two banks of the Dubai Water Canal stretching from the Business Bay district and crossing the Shaikh Zayed Road up to Jumeirah Park with an extension to the existing park. The canal will pass across Al Safa Park, Al Wasl Road, Jumeirah 2 district, and Jumeirah Road before ending at the Arabian Gulf near Jumeirah Beach Park. More info