Emaar to develop residential project at DWC
Built on an area of 13.63mn sq.m, The National reported Phase 1 of Emaar’s project will include a villa community by a golf course, several hotels and a mall.
In line with Dubai’s Expo 2020 preparations, Emaar Properties recently signed a deal with Dubai World Central undertaking the development of a residential project.
Built on an area of 13.63mn sq.m, The National reported Phase 1 of Emaar’s project will include a villa community by a golf course, several hotels and a mall.
“[Expo is] expected to welcome more than 25 million visitors during the six months’ period. It is important that the city further builds its retail, hospitality and residential facilities to meet the anticipated demand,” said Mohamed Alabbar, the chairman of Emaar.
Emaar had earlier in the year reported a 50% rise in its Q3 profits, fuelled by over 6mn visitors to The Dubai Mall every month, with its net income rising from $105mn (AED387mn) last year to $158.1mn (AED581mn) in 2013.
The Expo is expected to create more than 277,000 new job opportunities in Dubai over the next seven years, with each new job opportunity expected to sustain another 50 jobs around the region. Total infrastructural investment for the Expo was predicted to amount to $6.80bn (AED1.85bn), with most developments meant for use after the event’s duration as well.
