Plans unveiled for new Mohammed Bin Rashid City

26/11/2012 - Dubai Property News Posted by Bob Brunskill
Plans unveiled for new Mohammed Bin Rashid City

Dubai is famous for its innovative, world-leading building projects, but one impending development is set to take things to a completely new level.Plans have been unveiled by prime minister and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for a "city within Dubai".The breathtaking Mohammed Bin Rashid City will feature a plethora of world-class leisure facilities and an open space that is larger than London's huge Hyde Park.In addition to this, the new development will include the largest mall on the planet and a multitude of art galleries.Building developers in the UAE are certainly not afraid to push the boundaries, but this new city is impressive even by Dubai's standards.The area is also being billed as a hub for entrepreneurship and His Highness said it will be crucial to Dubai's future economic growth."We have to start work immediately on the third phase of development that is aligned to our Vision [until] 2030 and boost the UAE economy to enable it to enter a new era in which it will become the capital of entrepreneurship, arts, culture, and family tourism for over two billion people," he remarked.He pointed to recent tourism statistics - which highlighted an ever increasing flow of visitors into the emirate - and insisted that the city needed to expand in order to meet this huge demand.Indeed, he expects more than 90 million people to travel to the city each year by 2018.The new city will be built between Emirates Road, Al Khail Road and Sheikh Zayed Road, His Highness confirmed.It is massive developments like this that make a property investment in Dubai such an attractive proposition.The construction sector has certainly started to pick up in 2012 following a lull in the aftermath of the global financial crisis and the value of apartments, villas and other accommodation is set to increase in the coming years.It seems that now is a great time for investors to add new assets to their portfolios.Click here for your free property investment guide