Dubai ruler views plan for $816m Deira project

Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has viewed AED3bn ($816m) plans to create a major new waterfront attraction in the emirate.

Stretching more than four kilometres between Dubai Creek and Hamriya Port, the Deira Waterfront Development Project will include six hotels, residential and commercial towers, a marina, storage facilities, loading and unloading bays, and a parking lot, news agency WAM reported.

The first and second phase of the project, which was first announced last year, will have an estimated cost of AED3bn and are expected to take four years to complete.

Sheikh Mohammed was given an insight into the project by Mohammed Ibrahim Al Shaibani, executive director and CEO of the Investment Corporation of Dubai (ICD), developer of the project, WAM added.

Last year, it was announced that phase one of the project would also include a new fish market, a souq and a range of food and beverage outlets.

It was reported that the market will have more than 1,000 car parking bays for customers. The new fish market will have a direct access to the sea, where a port will be built to allow fishing boats to dock.

Sheikh Mohammed also viewed a design of the 2km Business Bay Canal project which will cost more than AED1.5bn and include a unique "hanging canal" feature which will be built over the Dubai Metro track.

The water project extends from the Business Bay to Jumeirah Beach crossing the Sheikh Zayed Road, Al Safa Park and Wasl Street.

"I want this project to see light within two years from the day of beginning of construction," Sheikh Mohammed said in comments published by WAM.