x Abu Dhabi, UAEFriday 28 July 2017

Meydan launches huge Dubai project with world’s tallest residential tower

The project will have a total built up area of 5 million square metres and be home to 78,300 residents.

An aerial view of how Meydan One would look like when the development is completed before 2020. Courtesy The Meydan City Corporation
An aerial view of how Meydan One would look like when the development is completed before 2020. Courtesy The Meydan City Corporation

The developer Meydan has announced the launch of a new scheme known as Meydan One featuring a 711m-high tower, a huge new mall, the world’s largest indoor ski slope, a 25,000 sq metres indoor sports facility, the biggest dancing fountains in the world, a beach and a civic plaza capable of hosting up to 60,000 people. It is also to contain a 100-berth marina.

And, a retractable roof.

“In a city which never stops innovating, today’s announcement is significant for the future of Dubai and the UAE,” said the Meydan chairman Saeed Al Tayer.

The development has already been approved by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. It was launched on Monday night at Meydan hotel.

The details are impressive.

The project is to have a total built up area of 5 million sq metres and be home to 78,300 residents. It is to contain a 5-star hotel with 350 keys, a conference centre, the world’s highest 360-degree observation deck (at 655m), the world’s highest sky restaurant at 675m, 885 apartments and a marina yacht club.

The mall is to have a 150m by 80m retractable roof that opens in the cooler winter months. It will be home to around 300 restaurants, cafes and kiosks as well as a range of retail outlets and nightlife venues. The ski slope is to be 1.2km long and at its base would be the Meydan Arena – an 8,000-capacity venue to host sporting events, concerts and shows.

Outdoor space surrounding the arena is to contain football pitches, mountain biking, walking and running trails and a BMX park, while the 25,000 sq metres arena is to house an array of indoor sports.

The dancing fountains are to be more than 420m long, the beach 300m and there is to be a 9km-long boardwalk. A heritage village is also part of the plan.

The first phase of the project, located between Meydan and Al Khail Road, is scheduled for completion before 2020. It is toinclude the tower, the mall, the civic plaza, the dancing water feature, a 4km canal and the marina.

Mr Al Tayer said: “We have committed to developing a multi-use destination which goes beyond expectations and will cater to every kind of person living and working here, as well as those who travel from around the world to visit.

“This development is a forward thinking, interactive enterprise geared towards the Dubai of tomorrow. The encouragement and support we have received in the past from our trusted partners will now help the Meydan One development come to life.”

Meydan will unveil more information about the project at this year’s Cityscape exhibition, which is taking place at the Dubai World Trade Centre from September 5 to 7.

Dubai currently has 2.9 million sq metres of retail space but a further 194,000 sq metres is due to be added this year and an extra 419,000 sq metres next year as extensions to existing super-regional malls – namely Mall of the Emirates and The Dubai Mall - complete. Dubai Holdings has also announced plans for a 750,000 million sq metres mall as part of its Mall of the World project – the first phase of which is also due to be delivered by 2020.

Speaking about current market conditions, Craig Plumb, the head of research for the property consultancy JLL Mena, said: “Retail sales, particularly in the luxury segment, have slowed, driven primarily by the decline in tourist numbers from Russia, while the current level of market saturation in the food and beverage segment is expected to put pressure on retailers to differentiate their offerings in the face of strong competition.”

mfahy@thenational.ae

Follow The National’s Business section on Twitter