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
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
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
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
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
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
"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