Meydan LLC, Dubai’s state-owned developer of the world’s biggest horse-racing complex, signed an agreement with a unit of China’s Guangsha Holding Venture Capital Group to build a business park in the emirate.
Guangsha Middle East Construction LLC will build the Meydan Metropolis Business Park Phase 1 in Dubai’s Meydan City, the company said in a statement distributed at a news conference today. The complex will cover a gross floor area of 2.8 million square feet and be comprised of office and retail space, Meydan said.
The park will have 18 towers, of which two are almost complete, Commercial Director Mohammad Nasser al Khayat told reporters on the sidelines of the news conference. Another eight buildings will be built in the next phase, of which five have been sold to mortgage company Amlak Finance PJSC and Emirates NBD PJSC, the U.A.E.’s biggest bank by assets, he said.
Office space in Dubai will increase almost 80 percent by the end of 2011 from 2009 to 6.4 million square meters (68.9 million square feet), hurting prices, Colliers CRE Plc said yesterday. Office prices in Dubai have declined 57 percent since their 2008 peak and rents have fallen 60 percent, the company said.