Construction of Dubai Trade Centre, one of the largest Dubai’s office and hospitality real estate projects will be continued in the near future: a contract for the second phase of the project worth USD 196 million was awarded to Al Futtaim Carillion.
Under the contract, project’s developer delegated contractor the right for the construction of two multi-functional units, eight and twelve floors in height, accordingly. The complex, which will be located between Dubai International Convention and Exhibition Centre and Jumeirah Emirates Towers, will house offices and shops. Its total gross floor area will be 94,000 square meters.
Initially Dubai World Trade Centre authorities had ambitious plans for this land plot development. 535,000 square meters of residential, commercial and hospitality real estate was planned for construction, but later, in 2008-2009 plans had to be adjusted because of the crisis. Today, the project is said to have 84,000 square meters of commercial property for lease and 6,400 square meters of retail property, constructed in two phases.
“Coupled with the location’s newly established free zone status under the Dubai World Trade Centre Authority, we are well placed to deliver a business-conducive and professionally managed destination that serves as a strong incentive for global, regional and local multinationals to headquarter their regional bases in Dubai,” said Gurjit Singh, senior vice president for real estate at Dubai World Trade Centre.