By: Amr Adel
Dubai – Mubasher: Jumeirah Central project will cost up to AED 74 billion ($20 billion), the company’s vice president for strategy, Khalfan Belhoul, said on Sunday.
During a press conference on the project's updates, Belhoul said the company is currently working on the designs for the project, which includes three phases.
The first phase is expected to start in 2017 and ends by 2021 with total investments of AED 24 billion ($6.5 billion).
Dubai announced on Saturday the launch of Jumeirah Central city on an area of 47 million square feet, with a capacity of 35,000 residents and will host 100,000 people annually.
Belhoul clarified that Jumeirah Central will comprise 69 projects out of the total 278 projects of the city, adding that the Dubai Holding received a number of offers mostly from banks and investors, with 19 government entities are currently in talks with the company for projects in the new city.
The vice president for strategy also said that there are many financing offers from several banks to fund the project.
Translated by: Elwy el-Manzalawy
