AED 1.4 billion worth business park to be constructed on Happiness Street in Dubai

11.07.2017

A demand for Grade A offices is met by The Emirates Towers Business Park being biult in central Dubai.

Shaikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai, Vice President and Prime Minister of the UAE attended the launch of The Emirates Towers Business Park, the project, which is targeted to strengthen Dubai's status as the main business center in the Middle East.

The development worth AED 1.4 billion will be located between Dubai's main traffic artery of Shaikh Zayed Road and Happiness Street, in close proximity to the Dubai International Financial Center (DIFC).

Upon completion, the new business park will be integrated into the DIFC free economic zone system with all the consequential benefits for future tenants and office owners. A collegial decision to build this business park was msde by DIFC management and Dubai Holding in response to a growing need for large international companies to locate their headquarters in Dubai.

New development is about to house a number of middle to high-rise buildings for business accommodation, together with a five-star hotel managed by Jumeriah Group, and a wide range of restaurants and retail units across the park, as well as a large arena for big events, meetings etc. Business Park will be connected to the DIFC area with two pedestrian bridges, while its own territory will have natural green landscaped areas for rest and walking. Three underground parking levels will provide parking spaces for 13,000 cars.

There is an acute shortage of quality large Grade A offices in Dubai right now, especially in buildings belonging to the same owner in central districts, while average office occupancy rate stands at 86% point.

DIFC management noted that construction of this business park brings the free zone a step closer towards its stated objective to triple the size of DIFC by 2024. The Emirates Towers Business Park is scheduled for completion in four years.

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