MIDDLE EAST - Work will recommence on the construction and re-masterplanning of Dubai Trade Centre District following approval from His Highness Sheikh Hamdan bin Rashid Al Maktoum, deputy ruler of Dubai, UAE minister of finance and chairman of the board of Dubai World Trade Centre (DWTC).
The Dubai Trade Centre District is a 146,000sqm site between the current Dubai International Convention and Exhibition Centre and Emirates Towers.
The approval, which was granted at the annual DWTC board meeting on 21 March 2013 following a review of proposals, extends to the construction of the first phase of development. This includes a mid-scale hotel and three buildings located immediately adjacent to Dubai International Convention and Exhibition Centre. Approval was also granted for the re-masterplanning of the remainder of the District.
"As shown by the high occupancy rates of commercial buildings in the Central Business District, there is now demand for prime office space in the area, particularly from large multinational corporations looking to consolidate and companies who are outgrowing their existing offices," says director general of the Department of Tourism and Commerce Marketing and CEO of DWTC, Helal Saeed Almarri. "Occupancy rates in business hotels are similarly high, demonstrating a requirement for more supply. The first phase of Dubai Trace Centre District will cater to this dual demand."
Construction of the Dubai Trade Centre District has been on hold since early 2010 and with construction of the first phase recommencing, the remainder of the site will be re-masterplanned to ensure it fits with the changing requirements of the local economy.
"Just as this first stage is designed to satisfy clearly defined opportunities, revising the wider masterplan and adopting a mult-phased approach gives us the flexibility to ensure that plans for the Dubai Trade Centre District are able to respond to evolving market dynamics," says Almarri.
Construction will begin in the third quarter of this year, with a target completion date for the first commercial building in the final quarter of 2015 and an opening date for the hotel in early 2016. Construction of the other two buildings in this phase, both designed for mixed-use purpose, is expected to commence in 2014 and 2015 to be completed within 30 month timelines.
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