Construction underway at Dh16b World Trade District

Dubai: Dubai took a major step towards meeting demand for prime office space yesterday with construction getting underway on the first phase of the Dh16 billion Dubai World Trade District masterplan.

The groundbreaking ceremony was attended by Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and group and Vice-Chairman of the Dubai World Trade Centre (DWTC).

"The Dubai World Trade Centre has played a historic role in stimulating regional and international trade and this new development will ensure that it remains at the heart of business growth in the Middle East," he said.

"Dubai is moving forward with its plans to become a major hub for international business and this development has a key role to play by providing advanced infrastructure at the heart of the central commercial district."

Research

According to research by real estate services company CB Richard Ellis, the need for prime office space is acute.

Lack of available prime office throughout the GCC pushed up rents again in the first quarter of 2007.

Dubai tops the list of GCC nations with average annual office rental rates of close to $900 per square metre, compared to just over $600 in Abu Dhabi and Kuwait City and approximately $500 in Doha, the research revealed.

With 200,000 square metres of grade A1 office accommodation stretching between Emirates Towers and DWTC Tower, the Hopkins Architects-designed Dubai Trade Centre District will attempt to form a new business district on a par with Singapore, London and New York.

The project will also include two hotels, a range of serviced and residential apartments and a retail component offering a mix of food, beverages and high-end boutiques.

Khansaheb Civil Engineering has been appointed as project contractor.

The development was designed under the supervision of DWTC at the direction of Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister for Finance and Industry, and Chairman of DWTC and is being developed in parallel with Dubai Exhibition City in Jebel Ali. The completion of phase one of both projects is due in 2010.

Significant benefits

"The parallel projects of the Dubai Trade Centre District and Dubai Exhibition City have been designed to complement each other and to deliver significant benefits to the people of Dubai," said Helal Saeed Al Marri, director-general of DWTC.

As part of construction in the Dubai Trade Centre District, several of the current external car parking sites used by the Dubai International Convention and Exhibition Centre (DICEC) will be closed to enable their redevelopment.

However, additional space has been made available in front of Za'abeel Hall and opposite the Novotel to cater to visitors and exhibitors.