Dubai Properties Announces Key Construction Milestones at AED50 Billion Culture Village

Master Development Achieves 90% Completion of Infrastructure Works

Dubai: 25 August, 2008 – Dubai Properties , master real estate developer and a subsidiary of Dubai Properties Group  (DPG), a member of Dubai Holding, today announced the AED50 billion Culture Village project has crossed key construction milestones, including the completion of 90 per cent of the AED1 billion infrastructure works.

Dubai Properties recently premiered Culture Village’s residential component at Harrods in London to an excellent reception from investors.. 

Canal works within the 40 million sq. ft. Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete. While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken. One of the most distinct developments on site will be the Palazzo Versace Dubai, a project by Gianni Versace Spa and Sunland Group Ltd, which is also 25 per cent complete.

Hashim Al Dabal, Executive Chairman, Dubai Properties Group, said:

Culture Village is an important element of Dubai Properties’ total portfolio. It gives me great pride to witness the steady realization of a dream that began when Dubai’s leadership envisioned a project that would strengthen our city’s art and cultural offerings.

“The sustained release of projects within Culture Village alongside its construction milestones makes it one of the most appealing destinations for the global investor. An investment in Culture Village is an investment in art and heritage, two of the most important pillars of the society.”

The focus point of the retail component within Culture Village, a rustic traditional souk that will merchandise Arabian crafts, antiques, and spices and herbs is also 20 per cent complete.

Construction work is fast progressing on the project’s residential component that was launched last year. In addition, hotel apartments and residential units overlooking the Dubai Creek will be released during Cityscape Dubai 2008.

Meanwhile, construction work is gaining momentum at the recently announced Museum of Middle East Modern Art, expected to be a celebration of the region’s artists and arts at the core of the Culture Village.

Dubai Properties is also making headway with the development of three boutique hotels, of which one will be operated by Jumeirah, an international luxury hotel chain and a part of Dubai Holding.

Expected to be a major touristic landmark, Culture Village was launched in May 2006 in line with the economic and commercial development of Dubai to answer the need for an environment where culture and art will flourish in parallel.

Note to Editors

About Culture Village

Culture Village is a unique development offering an elite lifestyle in an intellectually stimulating environment, with year-round world class cultural events. Valued at AED 50 billion, Culture Village covers an area of 40 million square feet. It will be located along the Dubai Creek next to Garhoud Bridge, and will have a residential, commercial and retail district. Culture Village will feature wide open spaces, traditional wind towers, cobble stone walkways, unique sculptures, waterways topped with bridges, creekside souks, restaurants and cafes, an amphitheatre for live performances and cultural festivals, an exhibition hall and museums, and a dockyard where traditional dhow building will be on display. A rustic traditional souk, offering Arabian crafts, antiques, and spices and herbs, will be the focal point of the retail district. 

About Dubai Properties LLC

Dubai Properties LLC,  is a member of Dubai Properties Group operates with the express aim of conceiving unique communities that add value for the customer and contribute towards the growth of Dubai. The portfolio of projects handled by Dubai Properties is diverse and represents the highest quality of real estate in the region. Dubai Properties offers mixed-use master developments catering to diverse lifestyles including Jumeirah Beach Residence, Business Bay, The Villa, Culture Village, Tijara Town, and Mudon. Dubai Properties also offers premium retail opportunities with The Walk at JBR and Bay Avenue at Business Bay.

For further information, please contact:

Jan Dabrowa
Jiwin
Tel: +971 4 374 8566
Mobile: + 971 50 922 3684
Fax: + 971 4 3688001
E-mail: jan.dabrowa@jiwin.ae

Or

Lubna Habib
JiWin
Tel: +971 4 3613333
Fax: + 971 4 3688001
Mob: +971 50 4824185
E-mail: lubna.habib@jiwin.ae

Or

Lama Kabbani
Dubai Properties
Tel: +971 4 3602775
Fax: + 971 4 3695300
Email: lama.kabbani@dubai-properties.ae