Pearl Dubai FZ LLC, a consortium of investors led by the Al Fahim Group, has announced it has bought and repositioned the US$3 billion Dubai Pearl development. The project, located within the Dubai Media and Technology Free Zone (TECOM) overlooking Palm Jumeirah, will be developed with a built up area of more than 15 million ft².
Artist impression of Dubai Pearl
The project's new masterplan emphasises energy efficiency and the optimum use of space to deliver the region's first integrated walkable city center.
Speaking at a press conference, Abdul Majeed Al Fahim, Chairman of Board of Directors, Pearl Dubai, said: "Dubai is growing at an unprecedented pace, and Dubai Pearl will be a unique addition to the emirate's real estate landscape. In raising the industry's bar of excellence, Pearl Dubai is determined to drive Dubai's sustainability vision, articulated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minster of the UAE and Ruler of Dubai, in the Dubai Strategy 2015.
"As real estate innovators, we are keen to develop Dubai Pearl into an integrated, mixed use, sustainable development with all key components located within 400 meters of each other. The energy and vitality conveyed by the development will foster a close knit community environment and offer premium retail and residential space in a prestigious location."
Expected to be completed by December 2010, Dubai Pearl will combine an active business district with quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as Jumeirah.
Santhosh Joseph, President and CEO of Dubai Pearl FZ LLC, said: "Dubai Pearl will be distinctive from other real estates projects in its landmark design. It will incorporate sustainable development features and 'green' building standards, including recycling facilities for paper, glass, and food waste.
"The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums. It will also feature tower and boutique offices and renowned hospitality brands. Catering to culture lovers, Dubai Pearl will boast a 1,500-2,000 seat state-of-the-art theater, a luxury fashion precinct within a premier shopping mall, as well as cinemas and multi cuisine food courts."
As one of the development's most unique facet, Dubai Pearl Towers will feature climate conditioned pedestrian walkways to create a street café ambience with international restaurants, boutiques and urban landscaping.
Technoworld will provide residents and tenants with the latest in technology, including personalized entertainment services, home-to-office seamless connectivity, and a state of the art exhibition hall to showcase the best in global technology and services. The development will comprise 14,500 parking bays, some of which will feature robotic parking.
Capturing German engineering skills and superior technical standards, the project will complement and enhance the development's quality and luxury positioning.
Dubai Pearl will be linked to Dubai Metro and other modes of public transport.