Mohammed bin Rashid views designs of Deira market expansion, Business Bay Canal

WAM Dubai, 20 Dec. 2012 (WAM) — Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, viewed today designs of the Deira market expansion.

Stretching more than four kilometres between Dubai Greek and Hamriya Port, the project will have an estimated cost of AED 3 billion for the first and second phases.

Sheikh Mohammed was given an insight into the promising project by Mohammed Ibrahim Al Shaibani, Executive Director and CEO of the Investment Corporation of Dubai (ICD), developer of the project. The projects features six hotels, residential and commercial towers, a marina, storage facilities, loading and unloading bays, and parking lot that is double in capacity of the current one. The marketplace is designed as a new addition to Dubai’s attraction sites.

The Vice President also viewed a design of the 2 km Business Bay Canal at total cost of more than AED 1.5 billion. The water project extends from the Business Bay to Jumeira Beach crossing the Sheikh Zayed Road, Al Safa Park and Wasl Street.

”I want this project to see light within two years from the day of beginning of construction,” Sheikh Mohammed said.

Al Shaibani said the suspension canal will be the first of its kind in the Middle East region and will rise above the Dubai Metro. The project will add a fresh urban and tourist landmark to the emirate landscape. Electromechanic cranes will lift yachts into the canal for entertainment.

Sheikh Mohammed admired the idea of the project as ”creative” and worth praise and follow up so as to add a new landmark to Dubai’s tourist attractions and to place UAE among the leading tourist destinations in the world.