Dubai: The Mohammad Bin Rashid Al Maktoum Foundation (MBRF) said on Tuesday it has signed a joint venture with Nshama to develop a “value added lifestyle development” in Dubai focusing on “sustainability, culture and education.”
Nshama is a newly launched developer of smart integrated communities, according to the statement announcing the tie-up.
“MBRF will extend a part of its land bank in Dubai on a joint venture partnership for developing an integrated communicated development,” the company stated.
The joint venture was signed between Jamal Bin Huwaireb, Managing Director of MBRF, and Fred Durie, chief executive of Nshama.
“The joint venture project with Nshama is aimed at establishing lifestyle destinations of the future with a focus on sustainability and culture. The neighbourhood will also serve as smart, networked, and interconnected community, which will leverage highly energy and water efficient technologies. Nshama will design and develop the joint venture project that will serve as homes, business centres and cultural destinations,” said Bin Huwaireb.
However, no details were given on when the project would start construction or the size of the development. The company said in the statement that more details would be announced “in due course.”
Without providing specific details, the company stated the project “will be located in a central location in Dubai, offering resident easy access to the business and cultural nerve centres of the city.”
An artist’s rendition of the project sent with the statement appeared to show the development towards the east from the Burj Khalifa.
In the statement, Durie said the MBRF project will have a focus on open green spaces and a “pedestrian friendly layout. With a focus on youth and the creative community, the joint venture project will be a vibrant community that harnesses the power of information technology and smart connectivity.”
Speaking on Nshama, Durie said its “projects are self-contained and offer residents all their needs in close proximity. We distinguish ourselves at all touch points – from value to amenities, location and sustainability considerations. Investing in Nshama is to shift their lifestyle from a predominantly rent-driven model to owning an end-user home that is cost-competitive, amenity-rich and serves as solid investment for the family.”
