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The Roads and Transport Authority (RTA) of Dubai has signed a deal with property firms Meydan Group and Meraas Holding to develop real estate along the banks of the Dubai Water Canal
The Dubai Water Canal project is a scheme to develop the pathway along the canal that connects Jumeirah Beach to the Business Bay, with retail, dining, hospitality and residential lifestyle amenities. According to a Gulf News report, the project, once completed, would attract nearly 36mn visitors each year.
RTA chairman Mattar al Tayer said that the project has three contracts. The first two contracts are for constructing crossings over the canal that would link with roads like Sheikh Zayed Road, Al Wasl Road and Jumeirah Road that intersect the canal.
The third contract is for drilling and landscaping works, along with development of pedestrian crossings and four marine transport stations. The marine transit modes would reportedly ferry more than six million passengers each year, Gulf News reported.
“The RTA will undertake the drilling works for the canal, along with the construction of crossings, roads and pedestrian paths,” said al Tayer.
Meydan Group chief executive officer Saeed bin Humaid al Tayer said, “As developers, Meydan and Meraas will create a distinctive destination development that embraces the canal and waterfront lifestyle. Over 80 per cent of the development would be waterfront properties.”
Meraas Holding chairman Abdullah Al Habbai said, “The Dubai Water Canal project would help increase investor interest in Dubai’s real estate industry and provide numerous job opportunities.”