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Dubai Ruler Orders $1.2 Billion Deira Souk Plan, Suspended Canal

Dec. 21 (Bloomberg) -- Dubai’s ruler ordered the implementation of two projects totaling 4.5 billion dirhams ($1.2 billion), the Dubai Media Office said yesterday.

Sheikh Mohammed Bin Rashid Al Maktoum approved the 3-billion dirham Deira Souk Expansion Project, and the 1.5 billion dirham Business Bay Canal, the government’s media office said on twitter yesterday.

The Deira expansion, which will include six hotels, residential and commercial towers, a marina and storage areas, will be built in two phases in about four years, according to a statement on Sheikh Mohammed’s website. Investment Corporation of Dubai, the government’s investment arm, is handling the 4-kilometer (2.5 miles) project, according to the statement.

The “hanging canal” replaces the previous plan to build a waterway on the ground and will extend from Business Bay to the Jumeirah coast, rising above the level of Dubai Metro and Al Safa Park, the statement said. The ruler expects the canal “will see the light” within two years.

Sheikh Mohammed last month approved building five theme parks valued at 10 billion dirhams as the emirate revisits projects that were suspended after the global financial crisis tightened credit. On Nov. 24, he announced plans for a development boasting the world’s biggest shopping mall and gardens larger than London’s Hyde Park.

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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