24 May 2016

Marasi Business Bay near Dubai Canal will include marinas, homes built on the water and accessible by yacht.

Dubai Properties Group (DPG) on Tuesday announced it had started construction on a new waterfront project which will include a 12 kilometre promenade, floating restaurants, waterside homes and marinas.
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The Marasi Business Bay project will be located near the Dubai Canal and will include residential units built on the water and be accessible by yacht, according to the press statement.

"Marasi Business Bay will be developed in phases, and work has already started. The first phase, The Promenade, will be completed by September 2016, in line with the opening of [Road and Transport Authority] RTA's Dubai Water Canal Project," said Mohammad Abdulla Al Gergawi, chairman of Dubai Holding, DPG's parent company.

Subsequent stages will include The Park and The Yacht Club, with the majority of the work due to be finished by 2020 and the entire development scheduled to be completed by 2023.

The focal point of the project will be five palm tree-lined marinas containing 1,250 berths and a range of retail and entertainment outlets.

"The total investment cost exceeds 1 billion dirhams [$272 million], and will be self-financed in partnership with local financial institutions," Al Gergawi added.

DPG is a real estate developer owned by the emirate's ruler and its other masterplan projects have included Jumeirah Beach Residences, Dubailand and Business Bay.

(Writing by Shane McGinley)

© Zawya 2016