DH 1 Billion Marasi Business Bay Project To Boost Dubai’s Real Estate, Retail And Hospitality Sectors
- May 28, 2016
- Posted by: RKonnect
- Category: Business & Economy, Hospitality & Tourism, Real Estate, Retail & Manufacturing
Dubai provides yet another opportunity to the investors in real estate, retail and hospitality sectors as one of the renowned property group announced a new waterfront district emerging along the stretch of Dubai Water Canal Project. Named as Marasi Business Bay, the new waterfront district will be developed by Dubai Properties (division of Dubai Holding Group) and will feature a 12 Km promenade, floating restaurants, boutique retail outlets, luxury water homes, amphitheatre and a yacht club.
The mixed used retail and hospitality development will add a new dimension to the series of hospitality, leisure and tourism offerings in Dubai. According to the Chairman of Dubai Holding – Mohammad Abdulla Al Gergawi, the new project will strengthen the historic relationship between Dubai and its creek.
Marasi Business Bay Project – Unique Features
- Waterfront Destination
- Yacht Club
- 12 Km of waterfront promenade
- 5 Marina Hubs – 1,250 berts
- First-ever Water Concept Homes in UAE / GCC
- Floating restaurants
Retail & Real Estate Offerings
The Marasi Business Bay will offer 100 retail units, Food and Beverage (F&B) outlets and a floating beach club in addition to wide range of leisure and entertainment facilities. Moreover, the Marasi Business Bay waterfront will host five marinas that will facilitate 1,250 berths. In later phases, Marina Business Bay will offer 2 and 3 bedroom 150 luxury water homes, boat access and direct canal views to buyers and visitors.
Project Cost and Completion
The Marasi Business Bay is AED 1 billion project and is expected to complete within five to seven years and will consider factors such as economic condition and market demand-supply equilibrium. The CEO of Dubai Holding – Fadel Ali also stated that the development would be integrated with Dubai’s 2020 vision. Developmental work has commenced on Marasi Business Bay Phase 1 ‘The Promenade’ which will complete by September 2016 followed by The Park and The Yacht Club. Dubai Water Canal project is scheduled to open in September 2016 as well.
Impact on Dubai Economy
Economy activity in Dubai is likely to be boosted by the announcement of mega AED 1 billion mix used real estate, retail and hospitality development. In line with Dubai government initiatives, the mega project will allow Dubai to boost economic growth, and strengthen major sectors such Real Estate, Retail, Tourism & Hospitality.
Dubai Hospitality and Tourism Industry
Dubai is all set to become world’s third most popular tourist destination by 2017-18 replacing Paris (3rd) behind Bangkok (2nd) and London (1st). Dubai has received approximately 14.5 Million visitors in 2015 and expect to welcome25 million visitors between October 2020 and April 2021 when it will hosts Dubai EXPO 2020. Dubai has announced 96 new hotel projects to be ready by 2020 adding 35,000 rooms to the current stock of 65,000 hotel rooms. Mega projects such as Marasi Business Bay will ensure that Dubai continues to attract tourists through unique hospitality offerings.
Dubai Mega Projects
Many mega projects like the Dubai South (site of World EXPO 2020); extension of Dubai Metro, Dubai Canal Project, Blue Waters Island, Dubai Theme Park, Dubai Safari Park, Dubai Museum of the Future, Dubai Frame and Dubai Creek Harbour projects are expected to complete before the opening of Dubai EXPO 2020. It can be inferred that EXPO 2020 related construction projects will aid in accomplishing the Dubai’s vision in providing a world class lifestyle to its residents through successful completion of improved retail, transport and infrastructure projects.
Why invest in Dubai?
Dubai’s strategic location connecting east with the west coupled with a strong leadership, innovative and long-term strategy with a positive and diversified economy makes Dubai the ideal place for investment. The rise in Dubai population (2.49 Million in 2016 – expected 3.5 Million by 2020) and growth in tourism (4th popular global tourist destination) has made it all the more obvious for Dubai to take the center stage of foreign investments particularly in the light of real estate, retail and hospitality developments such as Marasi Business Bay Project.