Meydan attracts Dh15b investment

Meydan City Corporation, which has invested Dh10 billion in developing the Meydan Racecourse District within the master-planned development and in associated infrastructure, has secured additional investment commitment to the tune of Dh15 billion, a senior official said. This includes a Dh11 billion Sobha City and Dh4 billion committed by other investors and developers. The company on Tuesday unveiled three new projects — including two within its master development and a third, the Meydan Tower on Shaikh Zayed Road. Among the new projects unveiled, Hadaeq Shaikh Mohammad Bin Rashid establishes a new community that is set to be the foundation in growing the group’s robust development catalogue, spanning a total 5,088,959 square metres across the Nad Al Sheba landscape. Saeed Humaid Al Tayer, CEO of the Meydan Group, said: “As the strategic vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Meydan has always sought to play an active role in growing Dubai’s famed urban landscape. Our projects have been designed to position Dubai at the forefront of innovation and progress and we look forward to furthering this vision with these signature developments.” The collection of neighbourhoods will be centred on ‘garden living’, with infrastructure designed to resemble modern residential locales that imitate those found in the English and French countryside and the Japanese gardens of the East. Connected by canals and lagoons, the entire water network will run over 190,000 square metres alongside a horse-riding trail, walking and jogging paths, bicycle track and sports facilities offering a wealth of activity and leisure options for residents. Meydan Tower, set to dominate the Shaikh Zayed Road skyline in Dubai, is the group’s first foray outside the iconic sporting, business and lifestyle destination Meydan City. “It is also the first freehold property on Shaikh Zayed Road [outside Tecom, Dubai Marina and Jumeirah Lakes Towers area],” Mohammad A. Nasser Al Khayat, commercial director of Meydan City Corporation, said. Designed by AE7 Associates, the project’s works could start next year when it will also be offered to investors on sale. The tower will have 256 serviced apartments, a boutique hotel with 100 keys, more than 300 apartments and 20,000 square feet of retail space. Design stage The tower is still in design stage. “We are not disclosing its height or the number of floors it will have,” Al Khayat said. He also did not give any indications on the investment outlay. “With planned office and retail spaces, serviced residences and a boutique hotel in addition to a select number of residential villas, all designed with a signature interior from a leading fashion brand, the tower is set to be an unprecedented community tailored to the needs of residents in Dubai’s focal business district,” a company spokesperson said. Gulf news