Dubai Canal project to boost real estate and tourism
The planned Dubai Canal project will boost both tourism and real estate investment in the Emirate thanks to the addition of 6 kilometers of new waterfront, property experts said.
The 14 million square feet mega development is not due for completion until 2017, after the original ground mapping and planning was started in December 2013.
Dubai ruler Shaikh Mohammed Bin Rashid Al Maktoum announced the Dh2 billion long esplanade that will border the canal, which is set to include retail, dining, hospitality and residential areas.
Around 450 restaurants could be based at the development which will link the Business Bay district to the Arabian Gulf near Jumeirah Beach Park.
It means the path of the canal will pass across the 16-lane Sheikh Zayed Road and Jumeirah Road, with plans in place to divert traffic during the construction phases.
Some 1.5 kilometers of urban public beach will be developed while the area around Safa Park will house leisure activities, water villas and townhouses.
Both the hospitality and tourism sectors will be boosted by the development, while projects of this magnitude stand to boost demand for Dubai properties, especially with the World Expo 2020 also on the horizon.
“The ambitious Dubai Canal project will transform Bur Dubai into a new man-made island surrounded by water,” said Nick Maclean, managing director of CBRE Middle East.
“These government initiatives are likely to attract significant attention from investors and further consolidate Dubai’s position as a regional commercial and tourism hub.”
The planned Dubai Canal project will boost both tourism and real estate investment in the Emirate thanks to the addition of 6 kilometers of new waterfront, property experts said. The 14 million square feet mega development is not due for completion until 2017, after the original ground mapping and planning was started in December 2013. Dubai ruler Shaikh Mohammed Bin Rashid Al Maktoum announced the Dh2 billion long esplanade that will border the canal, which is set to include retail, dining, hospitality and residential areas. Around 450 restaurants could be based at the development which will link the Business Bay...
The planned Dubai Canal project will boost both tourism and real estate investment in the Emirate thanks to the addition of 6 kilometers of new waterfront, property experts said.
The 14 million square feet mega development is not due for completion until 2017, after the original ground mapping and planning was started in December 2013.
Dubai ruler Shaikh Mohammed Bin Rashid Al Maktoum announced the Dh2 billion long esplanade that will border the canal, which is set to include retail, dining, hospitality and residential areas.
Around 450 restaurants could be based at the development which will link the Business Bay district to the Arabian Gulf near Jumeirah Beach Park.
It means the path of the canal will pass across the 16-lane Sheikh Zayed Road and Jumeirah Road, with plans in place to divert traffic during the construction phases.
Some 1.5 kilometers of urban public beach will be developed while the area around Safa Park will house leisure activities, water villas and townhouses.
Both the hospitality and tourism sectors will be boosted by the development, while projects of this magnitude stand to boost demand for Dubai properties, especially with the World Expo 2020 also on the horizon.
“The ambitious Dubai Canal project will transform Bur Dubai into a new man-made island surrounded by water,” said Nick Maclean, managing director of CBRE Middle East.
“These government initiatives are likely to attract significant attention from investors and further consolidate Dubai’s position as a regional commercial and tourism hub.”
