Dubai Holding and property developer Emaar are reportedly reviving plans for the world’s largest hospitality and leisure development.
The Dhs 60bn ($16.33bn) Bawadi project, located in Dubailand, was a 10km stretch of 51 luxury hotels with more than 60,000 rooms launched in October 2007.
Emirates 24/7 cited Dubai Holding’s chief executive as saying the project was being revived after being put on hold during the financial crisis.
“The Bawadi project, a joint venture between Dubai Holding and Emaar, is currently in its early stages and progress will be communicated in due course,” Fadel Al Ali was quoted as saying.
No details were given as to whether the project would be kept to the same scale or cost.
The original project involved a contribution of 70 million square feet of land worth Dhs 3.85bn by Dubai Holding unit Tatweet and Dhs 3.85bn in cash from Emaar.
The project was to be spread across 60 million square feet, with 2.7 million square metres of commercial space, 3.2 million square feet of retail space and a boulevard area surrounded by six hotels offering 5,150 keys and 1,200 serviced apartments, according to the publication.
It was also meant to include 18,000 residences, parks, lakes and a 6,500-room Asia Asia Hotel and Resort. More info
By Robert Anderson gulfbusiness.com