Emaar Properties' mixed-use beachfront development in Dubai's Al Mamzar district is expected to have a preliminary cost of AED10 billion ($2.72 billion), the UAE's state news agency WAM said on Wednesday.
The project, announced last year in cooperation with Dubai Municipality, will have 4,000 residential units, 300 hotel rooms, and 250,000 square metres of retail outlets, WAM said in a statement. It did not provide further details.
Mohamed Alabbar, chairman of Emaar Properties, said Al Mamzar was "an added-value to Dubai’s cultural landmarks that boosts the emirate’s position as a global touristic hub and a modern city that offers quality lifestyle".
He added that the Al Mamzar development is inspired by the UAE leadership’s approach to diversify the emirate’s economy and serves as a touristic attraction that offers recreational outlets, multipurpose facilities and green areas.
Last year, Emaar said it will conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality as part of a memorandum of understanding that had been signed. The project is being planned around the 53-hectare Al Mamzar Lake.