Dubai Pearl Completion Set For 2013

Dubai Pearl, a 1.85 million-square-metre mixed-use luxury development implemented by Pearl Dubai F Z LLC, is set to be complete by 2013. Abdul Majeed Esmail Al Fahim, chairman of Dubai Pearl, announced that in order to reach completion, the project has adjusted to the financial environment. "We at Dubai Pearl have emphasised prioritising the following key areas in order to adapt to the economic scenario: a focus on the steady progress in the construction and the delivery of the project, flexible and tailor made payment plans to our investors, close and transparent relations with our investors and partners, and an intensive campaign to raise awareness on all the project's components." The $4 billion (Dh14.6 billion) development is located on the fringes of the Dubai Technology and Media Free Zone, a business cluster operated by Tecom Investments and home to global IT and media companies. Promoting itself as a walkable city, 56 per cent of the total land mass comprises of open space with 45 per cent of the project area landscaped. The development aims to be a luxury free zone and freehold development with easy access to transport links, private beach club on the World Island. Dubai Pearl's signature structures are its four separate towers connected together at the top to form one skyscraper rising 300 metres.

Other components include residences, hotels entertainment facilities under global names such as Baccarat, Bellagio, MGM Grand and Sky Lofts. Dubai Pearl's partnership with luxury brands Baccarat for the Baccarat Hotels and Residence, and MGM Mirage for the Bellagio hotel, MGM Grand Hotel and Skylofts hotel aims to create long term value for the developments' stakeholders. The hospitality sector of hotels makes up 16 per cent of the total GFA, while the 1440 residential units and 618 serviced apartments make up 40 per cent. The commercial section of Dubai Pearl which is 1380 office units is 33 per cent of the total GFA, while retail is 8 per cent and leisure 3 per cent. Originally slated for completion in 2007, the Dubai Pearl was delayed when the original developer ran out of funds. After no construction for almost a year, a new developer was chosen and the project which is in three phases will have its first handovers commencing in December 2011. All the phases are scheduled to be complete in 2013.