Dubai Maritime City launches six new projects

Dubai’s vision as a global maritime hub took another major step forward today (December 20) with the launch of the mixed-use Business District at Dubai Maritime City (DMC) under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World.

HE Mohammed Al Shaibani, the Director General of HH The Ruler’s Court, Government of Dubai, Khamis Juma Buamim, Chairman Drydocks and Maritime World, senior company executives, government officials, representatives of developers participating in the project, and special invitees, were present the grand inaugural ceremony on DMC’s 227-hectare man-made peninsula between the Drydocks World and Port Rashid.

Work will begin on six new projects in the Business District, keeping in step with the launch. They are: Swift Development’s Swiftships Towers, which are office towers, Sheth Developers with the Project ‘Iris Mist’Hotel Apartments & Residences, Kensington Global with a budget hotel Kensington Krystal, Sanali Global’s Sanali Aquamarine Residential Apartments and Dubai Investments Real Estate with a six star hotel. Project mobilization and commencement of construction is expected towards the end of 2012.

The 121-hectare Business District, estimated to cost around AED 2.5 billion, is at the heart of the visionary DMC project and complements the Marine Industrial District Operation inaugurated earlier this year under the first of the 3-phase development. It will serve as the main business growth engine of DMC, accounting for nearly 90% of its projected total income in 2013. It includes a maritime centre, harbour offices and residences, a marina, an academic quarter and a hotel.

Nineteen well-known developers are being considered to handle the development and sale of the commercial and residential units in the Business District. They are: Swift Development, Kensington Global Investment INC, Al Burj Real estate, Dubai Investment Real Estate, Sanali Global Limited, Al Faraa Investment, Sheth Estate International Limited, ETA Star Property Developers LLC, Deyaar Development – PJSC, Mena Capital Investment, Omniyat Properties Eighteen Ltd, Vakson Freehold, Meyadeen, Hemen R E D & General Trading Limited, Mohammed Shafar, Das Holding, DAMAC, Ismail Janahi, Esam Janahi.

DMC is the world’s first maritime cluster with an integrated development encompassing commercial, industrial, academic, residential and lifestyle components. It is designed specifically to enhance the maritime industry and serve as a unique place for the maritime community to work, live and play.

HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World, said:

“Dubai Maritime City represents the vision set for Dubai as a hub that offers a unique environment for the global maritime community to grow and develop. The launch of the Business District is another milestone in this journey towards maritime excellence. We congratulate the DMC management, employees and other stakeholders for making this possible.”

Khamis Juma Buamim, Chairman Drydocks and Maritime World, said:

“We feel proud today as we take another step towards realizing the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and are grateful for the wholehearted support we have received from the leadership. The new Business District aims to meet the needs of a niche market. We thank all our stakeholders, especially the developers participating in the development of the Business District, for their support.”

In March this year DMC completed Phase 1 of its development, the 106-hectare Marine District, with a total of 96 units of different sizes constructed and declared operationally fit. Most of them have already been occupied by major maritime companies. Phase 2 involves additional infrastructure and capacity work, while Phase 3 will see the finalization of all commercial aspects by 2014.

More offices, shops, showrooms, yacht building yards, warehouses and workshop units will be released on completion.

Mr Buamim said: “We believe Dubai Maritime City will serve as a dynamic urban address for all maritime and offshore business clusters. We are committed to deliver innovative products and solutions to the industry. Since August 2010 we have improved performance through a series of measurable cost and resource management initiatives that are expected to double our earnings this year.”

During 2011, Dubai Maritime City reduced its total overhead costs by as much as US$41 million, resulting in projected revenues of US$116 million for the year. Improved operational efficiencies have seen the marine industrial precinct and Al Jadaf shipyard flourish and on target to increase revenue by 15% for 2012.

More than 1,100 operations have been handled at the yards between January and November this year. The twin ship lift facilities located within the maritime industrial precinct have capacities of 6,000 and 3,000 tonnes and address the mid-level segment of ship owners, while larger vessels are accommodated in the adjacent Drydocks World facility.

DMC’s shipyards handle a wide range of vessels including anchor handling tugs, diving support vessels, medium size tankers, offshore supply vessels, bulk carriers, landing crafts and navy vessels, tugs and barges and yachts.