Dubai's Meraas launches $95bn project
Dubai-based property developer Meraas Investment Co has launched a 350 billion dirham ($95.29 billion) project to redevelop a huge swath of land near the coast in Dubai, the company said.
The project, to be called Jumeirah Gardens, has been reported to cover a 10-kilometre stretch of land in Dubai's older districts.
The mixed-use development will be "an integrated city within a city," to be built over 12 years, Meraas Development, a Dubai government firm, said at the opening of Cityscape 2008, a four-day international real estate exhibition.
The announcement came one day after Dubai developers Nakheel said it planned to build a tower which could stand one kilometre tall (3,280 feet).
Meraas Development said Jumeirah Gardens will comprise business, residential and leisure facilities linked by a transportation network and including some of the city's biggest towers, and with a large canal running through the development.
