Business | Investment
Al Fara'a follows global trend, invests Dh10 billion in waterfront projects
The Arabian Gulf is currently witnessing over $100 billion worth of investments in waterfront developments, in tune with ongoing global trends as indicated by recent studies that reveal up to two thirds of the world's population living in coastal communities and a large amount of developments taking place in waterfront areas.
- Staff Report
- Published: 13:17 August 18, 2008
Dubai: The Arabian Gulf is currently witnessing over $100 billion worth of investments in waterfront developments, in tune with ongoing global trends as indicated by recent studies that reveal up to two thirds of the world's population living in coastal communities and a large amount of developments taking place in waterfront areas.
With aims to leverage the booming demand for high-profile coastal projects, Al Fara'a Properties, the flagship subsidiary of the Al Fara'a Construction, Industrial and Property Group, has announced its plans to invest within Dubai Waterfront and Dubai Maritime City two of the largest master planned coastal developments in the world.
The developer's latest expansion plan is in line with the 'Blue Communities' initiative spearheaded by master developer Nakheel under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
As part of its aims to play an active role in the market for coastal developments while promoting ocean life preservation, Al Fara'a Properties has pledged its support for the 'Blue Communities', a model that effectively manages building communities within the coastal areas.
The developer is set to announce its projects within Dubai Waterfront and Dubai Maritime City in line with its plans to launch a series of new projects collectively valued at Dh10 billion in the second half of 2008.
Further, Al Fara'a Properties also plans to collaborate with experts to develop standards that govern coastal communities, which will foster new and innovative methods to fully maximise the potential of waterfront mega developments.
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