• Acquires Mixed-use Development Plot Spanning 70,226.53 Sq Feet in Marina District
Dubai-UAE: 20 May, 2014 – In line with its strategy to focus on developing value-added projects in Dubai, Deyaar Development PJSC, the second-largest development company listed with the Dubai Financial Market, has inked a deal with Dubai Maritime City to acquire 70,226.53 sq feet of land located at the Marina District within the zone.
The sales agreement outlining the deal was signed between Saeed Al Qatami, Chief Executive Officer at Deyaar, and His Excellency Khamis Juma Buamim, Chairman of Dubai Maritime City.
The Marina District, one of the six distinctly purposed areas within Dubai Maritime City, includes a cluster of mixed utility spaces, as well as an impressive marina facility that is available for the charter and transit of yachts. The district includes a dry boat storage hangar, and can accommodate a transit system for ferries. The Marina District has been conceptualised as a leisure and entertainment hub within the zone, featuring a wide selection of restaurants, a 4-star hotel, waterfront retail outlets, and other community amenities.
Qatami said: “The Dubai Maritime Zone is an exciting new prospect in the emirate’s real estate landscape, and we are pleased to mark our presence there. The zone holds a unique character unlike other developments in Dubai, and is all-inclusive that raises its appeal as a place to visit and live in. The plot is well-positioned and will give us an opportunity to build a beachside project, which is new to our portfolio. We look forward to building a quality project that adds value to the Marina District, and the development as a whole.”
His Excellency Buamim said: “We have been attracting high interest from top developers in the region, and are glad to welcome Deyaar as one of our partners in progress. Since the Expo 2020 announcement, Dubai has seen a jump in leisure maritime activities. The Dubai Maritime Zone aims to develop an infrastructure that can support and promote this sector. We are confident that Deyaar will help us take this vision forward.”
Strategically located between Port Rashid and DryDocks World – Dubai , Dubai Maritime City is connected by a causeway to the wider road network, providing access to all of Dubai’s principle expressways including Sheikh Zayed Road.
Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The developer has recently announced its entry into the hospitality sector with the launch of its new project, The Atria, a residential and hotel apartments development in Business Bay. A customer-focused, trusted and valued developer with in-depth market intelligence and property management expertise, Deyaar’s unrivalled portfolio of property offerings and services has firmly consolidated the company’s pioneering status in the industry.