Dubai: One of Dubai’s historic sites – the Mina Rashid area – is to undergo a Dh25 billion transformation, including having a mall by the sea.
A joint venture between DP World owned P&O Marinas and Emaar will oversee the development, located in Bur Dubai - and stretching into Deira - with an extensive seafront. It is now home to the fabled QE2 ocean liner, which is now a 13-deck floating hotel and a permanent tourist attraction.
According to Sultan Ahmad Bin Sulayem, Group Chairman and CEO of DP World: “Mina Rashid will strengthen Dubai’s position as a global city and the premier cruise hub in the Middle East. Our venture with Emaar will contribute to the city’s cruise tourism and create another strong economic catalyst.”
The waterfront destination will also be home to 'The Dubai Mall by Sea', billed as a fully integrated shopping and entertainment destination of the future. Among other attractions, there will be a floating yacht club…and Dubai’s longest swimming pool.
Emaar will be responsible for the actual development works, with P&O Marinas offering the land as part of the joint venture deal. This is what Emaar has done with its Dubai Creek Harbour development, done in alliance with Dubai Holding, as well as at Dubai Hills Estate, where the partner is Meraas.
In a statement, Mohammad Alabbar, Chairman of Emaar Properties, said: “With Mina Rashid, we are creating a future-ready city that honours the legacy of the Al Maktoum family and salutes the farsighted vision of Dubai’s Rulers who have consistently built – not for now and then, but for the future and beyond.”
Its partner, P&O Marinas will develop the marinas and berthing facilities at Mina Rashid, which will eventually have 430 “wet berths” that can take in even the largest yachts and give a further boost to cruise-based tourism growing at 16-18 per cent annually.
There is a bigger game plan to the new project: Dubai is giving a complete makeover to its established locations, such as Bur Dubai and Deira. On the other side of the Shindaga Tunnel, another Dubai Government developer, Ithra Dubai is transforming the area in and around the Grand Hyatt hotel.
Last year, Ithra Dubai gave an update on its plans, which would involve multiple phases and see new hotels and residential buildings being put up. It will also include the extension of the Deira Gold Souq.
First opportunity to acquire freehold at Mina Rashid
Emaar has opened up sales for the first properties to be launched in Mina Rashid. The Sirdhana features a collection of one-, two- and three-bedroom waterfront apartments and townhouses. It is named after the British Royal Mail Ship, the first commercial vehicle to dock at Mina Rashid port, which opened in 1972. These homes will be within walking distance of the QE2 and ‘The Dubai Mall by the Sea.’
A magnet for the global cruise industry
The renewal of the Mina Rashid area will bring renewed focus on the Hamdan Bin Mohammad Cruise Terminal, set up to highlight Dubai’s credentials as a hub destination for the global cruise industry. The facility, built and operated by P&O Marinas, has received over 2.3 million visitors since the opening in 2014.