Emaar Properties and P&O Marinas, a division of Dubai ports operator DP World, have announced plans for a 25 billion United Arab Emirates dirhams ($6.8 billion) redevelopment of the area around the city's Mina Rashid Port.

The area, whose primary current use is to receive cruise liners, will be redeveloped to include a major new mall, hotels, a floating yacht club, a private beach resort, and a beach area of 12,600 square metres, a press release issued by Emaar Properties on Wednesday said.

DP World is providing land for the project, which will be developed by Emaar Properties.

The statement said that the development will contain promenades, a piazza with retail and F&B units as well as hotels, parks, a 500m-long canal, art galleries, a theatre and a museum.

The company has already begun marketing one- two- and three-bedroom “midrise waterfront residences”, but the statement did not say how many units the developer is planning for the site, nor did it give a timeframe for completion.

In the statement, Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, and chairman of the Ports, Customs & Free Zone Corporation, said: “Our venture with Emaar will contribute to the city’s cruise tourism and create another strong economic catalyst.”

(Writing by Michael Fahy; Editing by Anoop Menon)

(michael.fahy@refinitiv.com)

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