Dubai - Mubasher: The vice president and prime minister of the UAE and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, launched on Tuesday the Emirates Towers Business Park project in Dubai.

The AED 5 billion project is located between Sheikh Zayed Road and Happiness Street; in close proximity to Dubai International Financial Centre (DIFC).

The new project’s construction is scheduled to begin by the end of 2017, and is expected to be completed within four years.

Emirates Towers Business Park is expected to become an integrated business district in the heart of Dubai’s financial district and will provide a legislative environment with international standards of governance and transparency under the regulations of the Dubai International Financial Centre (DIFC) Authority, according to the Emirates News Agency (WAM).

Emirates Towers Business Park will meet the increasing demand for high-level office space in office towers, and will also include three five-star hotels, one of which will by managed by Jumeirah Group, while the other two will be managed by leading international companies.

The project will also offer retail space with a range of international brands and food and beverage options, as well as a dedicated arena for events and facilities to support corporates.

It will also be interspersed with public parks, green space and will include two covered pedestrian bridges connecting to the DIFC.

To ensure the ease of access across the development, the park will be supported through a three-level basement with one level dedicated to traffic management, while the other two will provide 13,000 new parking spaces.

"It is our pleasure to work closely with Dubai Holding on this exciting development, which brings us a step closer towards our stated objective to triple the size of DIFC by 2024," said Essa Kazim, the governor of DIFC.