August 22nd, 2016 by Own A Space
According to Dubai Holding Chief Executive Officer, Bawadi, considered as the world’s largest hospitality and leisure development for the year 2007 is being restored in Dubai.
Picture Courtesy: the-free-rider.com
The Bawadi project which is joint venture among the Dubai holding and Emaar, right now is in its early stage and its progress will be communicated from time to time. There are no other details to be shared at the moment.
Dh-60 billion signature development is an equally owned venture which was launched in October 2007 whereas Bawadi, a member of Tatweer, owned by Dubai Holding would add up 70 million square feet of land (worth Dh 3.85 billion) in lieu of the interest of the ownership while Emaar will contribute Dh3.85 billion n cash to the joint venture.
Picture Courtesy: www.asmoplast.com
Bawadi in Dubai land is situate in close adjacency with Arabian Ranches and was comprehended to be the longest chain of luxury hotels across the world along 10 km stretch which add 51 luxury hotels and more than 60,000 rooms to Dubai. The main highlight was 6,500 rooms of Asia hotel and resort.
The project was known to have a built up area totaling 60 million square feet with 2.7 million square feet of commercial space, shopping mall & high street retail properties along with a total of 3.2 million square feet of retail. The avenue was to be bordered by 6 hotels providing for 1,200 service apartments and 5,150 keys.
Picture Courtesy: www.arabianbusiness.com
The residential community of the project was planned to have 18,000 residences with green parks and lakes which were going to be an integral part of the development. While the ongoing global financial crisis, it was put on hold.
At present, Dubai Holding and Emaar are advancing the Dubai Creek Harbour, relaunched back in 2014 which will house “the tower” (928 meter, the tallest in the world).
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