Mohammed Bin Rashid Al Maktoum Foundation and Nshama sign JV agreement to develop value-added lifestyle project in Dubai

Government

Mohammed Bin Rashid Al Maktoum Foundation and Nshama sign JV agreement to develop value-added lifestyle project in Dubai

Dubai, UAE; September 30, 2014: The Mohammed Bin Rashid Al Maktoum Foundation (MBRF), which aims to empower future generations through a diverse array of initiatives, today signed a joint venture agreement with Nshama, a newly launched developer of smart integrated communities, to undertake a value-added lifestyle development in Dubai that focuses on sustainability, culture and education.

Under the patronage of His Highness Sheikh Ahmed Bin Mohammed Bin Rashid Al Maktoum, His Excellency Jamal Bin Huwaireb, Managing Director of MBRF, signed the agreement with Fred Durie, CEO of Nshama, whereby MBRF will extend a part of its land bank in Dubai on a joint venture partnership basis for developing an integrated community development that will create unmatched value for future generations.

Announcing the partnership, HE Bin Huwaireb said: The joint venture reflects the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and the directives of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Foundation, to strengthen the cultural infrastructure for Dubai. MBRF has been actively involved in promoting various cultural initiatives in the city and elevating the status of Dubai as a centre of arts, thus attracting creative minds from around the world. As Dubai prepares to host the World Expo 2020, we believe that it is important to create vibrant destinations that add to the citys overall infrastructure.

He added: The joint venture project with Nshama is aimed at establishing lifestyle destinations of the future with a focus on sustainability and culture. The neighbourhood will also serve as smart, networked, and interconnected community, which will leverage highly energy and water efficient technologies. Nshama will design and develop the joint venture project that will serve as homes, business centres and cultural destinations.

Fred Durie added: We are thankful to MBRF for signing the joint venture agreement to develop the flagship project of Nshama, a new development company that brings an innovative lifestyle development concept to Dubai. Nshama has an innovative and new development model that sets it apart. Our focus is on creating fully-integrated communities that meet the requirements of residents who seek a high quality, value-focused and sustainable lifestyle. Nshama projects are truly self-contained and offer residents all their needs in close proximity. We distinguish ourselves at all touch points from value to amenities, location and sustainability considerations. Investing in Nshama is to shift their lifestyle from a predominantly rent-driven model to owning an end-user home that is cost-competitive, amenity-rich and serves as solid investment for the family.

Durie said that the project for MBRF will be designed by world-class architects with emphasis on assuring open green spaces and a pedestrian-friendly layout. With a focus on youth and the creative community, the JV project will be a vibrant community that harnesses the power of information technology and smart connectivity.

The project will be located in a central location in Dubai, offering residents easy access to the business and cultural nerve centres of the city. The full spectrum of lifestyle amenities including hotels, shopping centres, educational institutions, bookshops, healthcare facilities, and leisure attractions are being considered for the masterplans. The JV project will leverage green building techniques and have extensive sustainability features. More details on the projects will be announced in due course.

MBRF has been tasked with empowering future generations with knowledge and development to drive a sustainable economy. The Foundation is committed to disseminating knowledge throughout the region by fostering ideas and innovation apart from funding research projects, activities and initiatives. The Foundation has conceptualised innovative ventures aimed at elevating the status of Dubai and the UAE on the regional knowledge map.