- July 1, 2020
- Posted by: Administrator
- Category: Business News
The first phase of a major project to regenerate one of Dubai’s oldest districts is almost complete.
Ithra Dubai’s Deira Enrichment Project is in its final stages of completing five districts in phase one of the development, which includes commercial office space, residential and retail spaces.
The Deira Enrichment Project encompasses the Waterfront Market, Deira Enrichment Project Phase One and Two and the Gold Souk Extension, which is currently slated to open at the beginning of next year.
When complete, the first phase of Deira Enrichment Project will accommodate 50 mixed-use buildings incorporating 2,200 residential units, 416 commercial units, 843 retail outlets, F&B units, eight hotels with more than 1,450 rooms and serviced apartments, rooftop experiences, waterfront promenade, neighbourhood parks and several multi-storey car parks.
These five districts that are reaching completion account for 311 retail spaces, 317 office units, 977 residential apartments and 573 hotel rooms and serviced apartments. Ample parking is also available to accommodate residents and visitors.
To alleviate congestion in Deira, a new transportation hub containing a multi-storey car park and connecting metro lines is also under construction.
Deira Enrichment Project aims to revitalise the Dubai’s original community centre and trading hub. While adopting a modern approach to design and functionality, it aims to preserve Deira’s “unique charm and enduring entrepreneurial spirit”.
“The impending completion of these five districts within phase one of Deira Enrichment Project is a significant milestone for us at Ithra Dubai, “ said Lachlan Gyde, executive director, Asset Management at Ithra Dubai.
“DEP is a holistic development where the community can live, work and enjoy leisure time in landscaped green spaces throughout the development. Outside of the carefully designed and developed commercial, residential, and retail spaces, this is an element that I think will be most rewarding to the community and visitors,” Gyde added.