A sweeping new Dh3 billion ($825 million) facelift for the Deira Souk area was shown publicly for the first time, praised by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
On his official website, Shaikh Mohammad posted a video exhibiting an ambitious makeover of Dubai Souk including a massive new skyscraper at the bend in Dubai Creek towering over Dubai’s historical heritage areas of yesteryear.
The project includes six hotels, residential and trade towers, a yachting marina, cargo storage areas, a doubling of car parks and new commercial loading areas.
Shaikh Mohammad viewed several architectural renderings and maps depicting an expanded Deira market across a four-kilometer swath of land lying between Khour Dubai and Al Himriyah Port that is being targeted for a first and second phase of gentrification.
The project is being carried out by the Dubai Government Investments Establishment.
The new plans were also viewed by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group.
Shaikh Mohammad was briefed by Mohammad Ebrahim Al Shaibani, Director General of the Dubai Ruler’s Court and Chairman of the Dubai Government Investments Establishment.
Mohammad Al Shaibani and his assistants also said that the project will be carried out over two phases, each covering a two-year duration. The work in the first phase will start as soon as the official procedures and contacts are in place.
Shaikh Mohammad ordered that the project reflect one that caters to trading, residential, and tourism needs for tourists, visitors and residents in the area.