Dubai Investments starts infrastructure work on Palisades project; earth works contract awarded

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Dubai: Dubai Investments PJSC [DFM: DIC], the leading, diversified investments conglomerate listed on the Dubai Financial Market, has announced that the infrastructure development of The Palisades project in Dubai Investments Park [DIP], is under way.

The mixed-use project is spread across 13 million square feet with a total built-up area of approximately 22 million square feet and offers a range of residential, retail, office & recreational attractions.

The project is exclusively managed by Dubai Investments, through the Palisades Development Company.

Dubai Investments also announced that a contract for earth works grading and leveling of the roads has been awarded to Arabtec Construction LLC. The grading work is almost 45% finalized and expected to be completed by September 2017.

“The master plan of The Palisades is aligned with current market requirements. The infrastructure within the project is being developed in phases at a total cost of AED 580 million,” said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments.

The infrastructure work includes construction of two 132KV sub-stations, district cooling network, sewage and irrigation systems, fire-hydrant networks, street lights, green parks and public facilities.

The Palisades has been divided into plots of varying sizes, ranging from 60,000 square feet to 600,000 square feet, and earmarked for development. The plots will be sold to investors who will develop as per the designed master plan.

Palisades Development Company is also offering easy payment plans for investors in the project, payable over a period of three years.

The Palisades is easily accessible and well connected with public transport infrastructure, RTA bus and Dubai metro network, and in close proximity to Expo 2020 site, Jebel Ali port and industrial area, Al Maktoum International Airport, Dubai South and other business districts in Dubai.

About Dubai Investments PJSC:

Dubai Investments PJSC is a leading investment company listed on the Dubai Financial Market with over 19,800 shareholders and a paid-up capital of AED 4 billion. Incorporated in 1995, the company has grown exponentially with investments in a number of businesses across three core sectors – real estate, manufacturing & industrial and financial investments across the UAE and the Middle East.

Since inception, Dubai Investments has challenged the norms and introduced cutting-edge technologies, pioneering business models, unique investment strategies and innovative concepts across its diversified portfolio spanning different sectors and markets across the globe. Dubai Investments currently has over 40 subsidiaries & joint ventures under its portfolio, across a wide array of industries and continues to seek new investment opportunities in new sectors, locally and internationally, as part of its strategic expansion plans.