Dubai: Dubai’s Roads and Transport Authority (RTA) and Majid Al-Futtaim Group (MAF) have signed a Memorandum of Understanding (MoU) for developing a land plot nearby Mall of the Emirates Metro and Bus Station.
It aims at maximising the use of residential, business and leisure space within walking distance of public transport. The step is part of the Transit-Oriented Development (TOD)concept driven by RTA. TOD aims also to reduce traffic congestion and promote environmental sustainability.
Abdul Mohsen Ibrahim Younes, CEO of the Rail Agency at the RTA and Ghaith Shocair, CEO of MAF Shopping Centres singed the MOU in the presence of several officials from both sides.
“The signing of the MoU serves our objective of boosting the Public-Private Partnership (PPP), which is vital for leveraging the economic growth of the UAE, especially Dubai,” said Younes. He said that the initiative came at a time where the Emirate is heading towards hosting a key economic event - Expo 2020.
“PPP concept is on the top of our government’s attention as it believes that economic and social development rest on mustering all community resources along with the expertise of public and private sectors in developing and managing projects at high levels of governance and efficiency,” added Younes.
Commenting on the MOU,Ghaith Shocair said: ”It is imperative to maintain an integrated, efficient and environmentally sustainable transit system. We are pleased to partner with RTA and stand ready to apply our experience in developing the land plot near Mall of the Emirates and the Metro and Bus stations.”
The project, he said, offers a big boost to the concept of transit-oriented development.
“MAF believes in the vitality of PPP and the role of such partnerships in stimulating the growth of various economic and social sectors. Developing unused areas contributes to achieving an optimal solution to work, residential and retail needs together with improved transit systems,” added Shuocair.