Dubai Properties announces key construction milestones at Dhs50bn Culture Village

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% 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% 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% 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.