The Dubai Properties Group has announced the launch of a Dh1 billion project along the banks of the Dubai Canal in Business Bay, which will have five new marinas, up to 150 “water homes” and more than 100 shops and outlets, as well as a park and a number of floating restaurants.
Work on the project, known as Marasi Business Bay, has already begun on site, with a contractor building a 6 metre-wide stretch of walkway along a 12-kilometre route that will house three areas known as The Yacht Club, The Park and The Pier.
This will eventually be extended to 15km to allow for the addition of retail and restaurant units. In total, the scheme’s five marinas will have a capacity to house 1,250 boats. The scheme will also feature floating restaurants where customers can hire a chef and a captain to take their own restaurant out on to the water.
Fadel Al Ali, the chief executive of Dubai Holding, said the project would be developed over a five to seven-year period and could contain up to 150 water homes, which are not floating homes but will be permanently secured to the canal basin. He declined to say how much these units would sell for, but said that they would be at the high end of the market.
Mr Al Ali said that Dubai Holding’s principal property arm, Dubai Properties, has a portfolio of completed projects worth D5bn, comprising about 35,000 homes. About 15,000 of these had been sold, and a further 15,000 were in its rental portfolio, with the remaining 5,000 specialist units such as workers’ accommodation.
“Harnessing the excellence and track record of Dubai Properties and innovation that runs across the group, Marasi Business Bay is being developed with the aim of boosting the tourism industry in Dubai, and will reinforce Dubai’s position as a global tourism destination,” he said.
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