Work set to recommence on Dubai Trade Centre District

Plans to build a 588-room hotel and three new commercial buildings in the Dubai Trade Centre District have been reignited.Ruler of Dubai His Highness Sheikh Hamdan bin Rashid Al Maktoum has given the green light for developers to restart the 146,000 sq m project, after the original proposals had been put on hold.Helal Saeed Almarri, director general of the Department of Tourism and Commerce Marketing and chief executive officer of Dubai World Trade Centre (DWTC), said the demand for prime office space in the area has risen sharply in recent years."Occupancy rates in business hotels are similarly high, demonstrating a requirement for more supply. This first phase of Dubai Trade Centre District will cater to this dual demand," he remarked.Construction of the new hotel will start later this year and it is expected to be finished by 2016, while the first commercial building is scheduled for completion towards the end of 2015.Dubai has quickly emerged as an important international business hub and the DWTC is central to its vast appeal to large corporations from all four corners of the planet.In March, Mr Al Maktoum revealed that 2012 was a record year for the DWTC, as more than 1.85 million people visited the various conferences and exhibitions that took place in the business district throughout the 12-month period.Around 37,000 companies from across the globe also used these events to forge new alliances and showcase their products and services to a huge audience in the Middle East.Mr Al Maktoum added that the Trade Centre has become a "pillar of prosperity and growth for Dubai". He also suggested that the DWTC's rise over the last five years has been particularly impressive, especially as it coincided with an extremely challenging time for the worldwide economy."During a period when the global exhibitions industry experienced difficulty prior to its more recent stabilisation, DWTC has delivered year on year growth," he commented.Click here for your free property investment guide