Dubai: Meydan on Wednesday announced the signing of a significant Memorandum of Understanding (MOU) with Guangsha Middle East Construction L.L.C.
The MOU will see the Chinese entity handling the construction and development of Meydan Metropolis Business Park Phase 1.
The agreement will cover the construction and development of 16 commercial buildings for office and retail use and will include close to 3000 car park spaces.
Meydan Metropolis Business Park Phase 1 is expected to be completed in phases.
Meydan has already pre-sold several of these office buildings to Emirates NBD and Amlak Finance.
“Meydan Metropolis Business Park Phase 1 is located within Meydan City and covers a gross floor area of 2.8 million square feet. Designed by Malaysian architects TAK Design Consultants, Meydan Metropolis consists of an expansive mix of commercial, retail and residential developments with its own town club, hotel and serviced residences,” a statement said.
“The development is positioned to offer businesses a premium and strategically located corporate district within the Meydan Freezone.”
With this, Guangsha Middle East further strengthens its ties with Meydan having been involved in the development of the Falcon car park located at the Meydan Grandstand.
Part of Guangsha Holding Venture Capital Group Co., Ltd; one of China's leading diversified conglomerates with interests in media, energy sources, tourism, medical and construction.
It employs over 50,000 worldwide with assets over RMB 16.7 billion (approximately $2.45 billion) and is ranked sixth amongst the top private corporations in China.
Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, said: “Guangsha has been a strategic partner of ours since 2007, having been integral to the successful deployment of the Falcon car park and other facilities within Meydan. They enjoy a strong reputation not only in China, but also internationally for their build quality and construction standards. Our shared work ethos on delivery and innovation in construction and development standards allows us to further explore this continued partnership with them for Meydan Metropolis Business Park Phase 1. We look forward to seeing Meydan City unfold and gaining traction, with our forward thinking strategies in place as we deliver what we envision will be a truly integrated city of the future."
