Business | Investment
UAE firm to build $5b park in Algeria
Dounya Parc to be ready for 2012 exhibition
- Staff Report
- Published: 23:55 February 11, 2008
Dubai: Emirates International Investment Company (EIIC) yesterday said it will develop a Dh18.3 billion ($5 billion) urban park project, Dounya Parc, at Algiers's first Assises du Tourisme exhibition.
The development is being developed by EIIC's subsidiary, Societe des Parcs d'Alger. The project will soon begin the initial construction phase and be completed in 2012.
"The 6.6 million square metre project will be a central metropolitan park, with 25 per cent dedicated to high quality commercial and residential development," a company statement said yesterday.
EIIC is looking to enhance the natural environment and will create trails throughout the park and interior of the site, with additional attractions such as an equestrian centre, golf course, playgrounds, nature and hiking trails and vista points.
EIIC will also plant one million trees around the periphery of the park, as well as plant Mediterranean trees, olive groves and several themed gardens.
"We have designed Dounya Parc to both preserve the nature of the site, but to also address the urban development of the surrounding areas," said Khayyam Turki, Chief Executive Officer of Dounya Parc.
More from Investment
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
