A deal was inked between the Roads and Transport Authority (RTA) and Meydan Group and Meraas Holding for developing the two banks of the Dubai Canal, which passes across Al Safa Park, Al Wasl Road, Jumeirah 2 district and Jumeirah Beach Road finally entering the Gulf near Jumeirah Beach Park.
Major part of the developments would include hotels and a shopping mall along with various retail and dining outlets, and residential units.
Representing the RTA, the deal was inked by Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA, for Meydan Group by Saeed Bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group, and for Meraas Holding by Abdullah Ahmad Al Habbai, Group Chairman of Meraas Holding. The signing of the deal was done in RTA premises.
The RTA will be responsible for the drilling of the canal, and constructing crossings, roads and pedestrian paths. Division of the project have been done into three contracts.
The first and second contract are for construction of crossings over the Canal linking with the key roads intersecting the canal course, the Shaikh Zayed Road featuring eight lanes in each direction, in addition to Al Wasl Road and Jumeirah Road comprising three lanes in each directions apiece. Bridges rise 8.5 metres above the water level to allow free navigation 24/7.
The third contract is for drilling and landscaping works along with the constructing pedestrian crossings, and four marine transport stations.
Saeed Bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group, stated that, "Meydan in equal partnership with Meraas will be the prime developers to create a distinctive destination development that embraces the unique canal and waterfront lifestyle. Our development will generate over 80 per cent of waterfront property, which is planned in a sensitive manner to preserve the beauty and public community amenity of Safa Park. The Jumeirah Beach Park will increase by 25 per cent with additional length of public beach."
Major part of the developments would include hotels and a shopping mall along with various retail and dining outlets, and residential units.
Representing the RTA, the deal was inked by Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA, for Meydan Group by Saeed Bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group, and for Meraas Holding by Abdullah Ahmad Al Habbai, Group Chairman of Meraas Holding. The signing of the deal was done in RTA premises.
The RTA will be responsible for the drilling of the canal, and constructing crossings, roads and pedestrian paths. Division of the project have been done into three contracts.
The first and second contract are for construction of crossings over the Canal linking with the key roads intersecting the canal course, the Shaikh Zayed Road featuring eight lanes in each direction, in addition to Al Wasl Road and Jumeirah Road comprising three lanes in each directions apiece. Bridges rise 8.5 metres above the water level to allow free navigation 24/7.
The third contract is for drilling and landscaping works along with the constructing pedestrian crossings, and four marine transport stations.
Saeed Bin Humaid Al Tayer, Chairman of the Board and CEO of Meydan Group, stated that, "Meydan in equal partnership with Meraas will be the prime developers to create a distinctive destination development that embraces the unique canal and waterfront lifestyle. Our development will generate over 80 per cent of waterfront property, which is planned in a sensitive manner to preserve the beauty and public community amenity of Safa Park. The Jumeirah Beach Park will increase by 25 per cent with additional length of public beach."