Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister opened the new eco town worth of 55 billion dollars to be constructed in the heart of Dubai. The project aspires at preserving the environment and mounting greenery in Dubai.
The latest development, named the ’Shaikh Mohammad Bin Rashid Gardens’, will be situated between Al Khail Road and Emirates Road on a plot of over 850 million square feet, about 73% of the development will be dedicated to green and open spaces and 10% will be allocated to waterways.
In January 2008 the Prime Minister issued guideline for all new commercial and residential property in Dubai to be built using sustainable building methods and materials.
Paul Greaves, Dubai property manager for sandcastles-property.com said: "The concept looks original and forward thinking and we are delighted to add the Sheikh Mohammad Bin Rashid Gardens to our expanding database of properties in Dubai and from across the United Arab Emirates"
The new green development in Dubai will be divided into four differently themed areas, wisdom, nature, humanity and commerce; with all four having an iconic building as its centerpiece as well as commercial, educational and residential property for sale.
Hashim Al-Dabal, chairman of Dubai Properties said they would finance the initial work on the project and seek outside investment to complete the project.
"Here we will use a two-stage strategy where the infrastructure will be funded by the company, later on we will engage other developers and market investors for another source of funding" he said.
