Dubai — Mubasher: Dubai Holding on Thursday announced commencing the construction works of a 550-metre high tower called Burj Jumeira, the centrepiece of Downtown Jumeira.

Located in the Al Sufouh district of Dubai, the development will be close to Dubai Holding’s iconic Burj al Arab hotel, the investment holding company owned by Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, said in a statement.

Downtown Jumeira will considerably boost the surrounding areas by creating a full-fledged and vibrant community that will cater to the various lifestyles of its residents, it added.

The project will comprise homes, office space, as well as hotels, while its first phase is set to be completed in 2023, Dubai Holding said, giving no further details on its investment cost.

Commenting on announcing the project, Abdulla Al Habbai, chairman of Dubai Holding, said: “The launch of Burj Jumeira in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, who has left his fingerprint on the project, is a confirmation of the critical role this development plays in Dubai’s vision for the future.”

Burj Jumeira is part of Dubai Holding’s plan to explore investment opportunities abroad. 

For many years, the UAE’s conglomerate, which owns Dubai Properties Group LLC and hotel operator Jumeirah Group LLC, was mostly focused on selling assets and restructuring debt after a property-led crisis.

On the other hand, Dubai’s long-running real estate decline is expected to hit bottom in at least two years on the back of adding a record number of new residences on the GCC emirate’s property market.

Dubai’s property market will see the addition of around 31,500 homes this year, more than twice the emirate’s average annual demand over the previous five years, Bloomberg News reported on Tuesday, citing Craig Plumb, head of Middle East research at broker Jones Lang Lasalle.