The Arabian Gulf is currently witnessing over USD 100 billion worth of investments in waterfront developments, in tune with ongoing global trends as indicated by recent studies that reveal up to two thirds of the world's population living in coastal communities and a large amount of developments taking place in waterfront areas. With aims to leverage the booming demand for high-profile coastal projects, Al Fara'a Properties, the flagship subsidiary of the Al Fara'a Construction, Industrial and Property Group, has announced its plans to invest within Dubai Waterfront and Dubai Maritime City - two of the largest master planned coastal developments in the world. The developer’s latest expansion plan is in line with the ‘Blue Communities’ initiative spearheaded by master developer Nakheel under the patronage of Sheikh Mohammed Bin Rashid Al Maktoum.
As part of its aims to play an active role in the market for coastal developments while promoting ocean life preservation, Al Fara’a Properties has pledged its support for the ‘Blue Communities’, a model that effectively manages building communities within the coastal areas. The developer is set to announce its projects within Dubai Waterfront and Dubai Maritime City in line with its plans to launch a series of new projects collectively valued at Dhs10 billion in the second half of 2008. Further, Al Fara’a Properties also plans to collaborate with experts to develop standards that govern coastal communities, which will foster new and innovative methods to fully maximise the potential of waterfront mega developments.
“The ‘Blue Communities’ initiative is a breakthrough model that underlines the importance of ensuring a healthy balance in the development of luxury projects and the preservation of marine life,” said Natasha Gangaramani, Director, Al Fara'a Properties. “Accordingly, we have translated our strong support for Nakheel’s pioneering concept into a concrete plan to build within Dubai Waterfront and Dubai Maritime City. We are expecting this move to reiterate our commitment as a developer to the resolution of environmental issues by taking into consideration such factors when developing our projects.”
Dubai Waterfront is a stunning new development, which is set to extend Dubai’s coastal line up to 12 times its current length or by 820 kilometres and will provide sea access for trade and entertainment. Designed to cater to commercial, residential and resort developments, the development will feature over 100 different waterfront projects and over 150 planned communities. Similarly, the expansive Dubai Maritime City is a 227 hectare fully-equipped, iconic and multidimensional maritime centre, which is expected to house 400,000 people upon its completion by 2012. The developer has committed to develop its waterfront projects in line with US Green Building Council (USGBC) guidelines, which are being implemented within these high profile master developments.
”The potential of these two mega projects to push Dubai as a major frontrunner in waterfront development is being eagerly anticipated by developers, investors and end-users, and this has fuelled our keen interest in venturing into these world class destinations. Moreover, we will ensure that our signature touch of sophistication and comfort will be incorporated within all of our future projects, which we expect to be delivered in line with the stipulated schedule,” concluded Nitesh Gangaramani, Director, Al Fara'a Properties.
The commitment of Al Fara’a Properties towards the environment and the society reflects the company's core values, particularly with regards to its corporate social responsibilities. In conjunction with the Al Fara’a Construction, Industrial and Property Group, Al Fara’a Properties has played a major part in significant community-related activities such as the recent ‘Dr. Moopen’s Medical Camp’, which was supported by the Indian Community Welfare Association, and provided free medical treatment and medicines to more than 500 construction labourers. Further, the developer also organized an AIDS awareness seminar, which was held at the Le Grand Château construction site in Jumeirah Village in collaboration with Dubai Police, the United Nations Children’s Fund (UNICEF) and the Permanent Committee for Labour Affairs (PCLA), where officials disseminated preventive information regarding AIDS and the human immunodeficiency virus (HIV) to over 150 labourers.
© 2008 Al Bawaba (www.albawaba.com)
