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Emaar Properties and Dubai Holding have signed a joint venture agreement to restart work on The Lagoons, a real estate project that was first announced in 2008
According to a Reuters news report, this project had since been stalled due to the crash of the p"roperty market in the UAE during the financial downturn.
The six million square metres development in Mohammed Bin Rashid City (MBR City) would encompass a business district, residential units and hotels, the companies said in a joint statement.
No information has been given on the financing or completion of the project, Reuters reported.
In a joint statement, Emaar Properties chairman Mohamed Alabbar and Dubai Holding chief executive officer Ahmad bin Byat said, “As the city further underlines its credentials as a global hub, it is important to continue to build our world-class infrastructure to meet future needs. The project, which will be a new catalyst for growth and create robust opportunities for commerce and entrepreneurship, will set new benchmarks in urban development."
The project would have retail, commercial and residential zones built around two central parks. Transport facilities would include a direct link with Dubai Metro’s Red and Green Lines, an eco-tram system, a light monorail and water taxis. A number of small marinas will also be developed across the waterfront, both Emaar Properties and Dubai Holding said in the statement.