A new $55 billion eco town is to be built in the centre of Dubai. The project, which aims at preserving the environment and increasing greenery in Dubai, was launched by UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.
The new development, named the 'Shaikh Mohammad Bin Rashid Gardens', will be located between Al Khail Road and Emirates Road on a plot of over 850 million square feet, about 73% of the development will be dedicated to green and open spaces and 10% will be allocated to waterways.
In January 2008 the Prime Minister issued guideline for all new commercial and residential property in Dubai[/a] to be built using sustainable building methods and materials.
Paul Greaves, Dubai property manager for sandcastles-
The new green development in Dubai will be divided into four differently themed areas, wisdom, nature, humanity and commerce; with all four having an iconic building as its centerpiece as well as commercial, educational and residential property for sale.
Hashim Al-Dabal, chairman of Dubai Properties said they would finance the initial work on the project and seek outside investment to complete the project.
"Here we will use a two-stage strategy where the infrastructure will be funded by the company, later on we will engage other developers and market investors for another source of funding." he said.
