Ithra Dubai, wholly owned by the Investment Corporation of Dubai, announced on Tuesday the launch of the first plot within its Deira Enrichment Project (DEP), a massive mixed-use development aimed at revitalising Dubai’s oldest community and heart of commerce.
The close-out and handover of Sherina Plaza, which forms part of Phase 1 of DEP, would “soon” be followed by Plots 1, 2, 11 and 12, according to a Ithra Dubai press statement.
Plot 3 features 350 residential units, a 290-key four-star hotel operated by Wyndham Hotels and Resorts, 45 restaurants and retail units, and 721,182 square feet of office space, the statement noted.
CEO and Director Issam Galadari said the DEP, which broke ground in 2017, would not only reaffirm Deira’s historic standing as Dubai’s original trading hub but play a vital role in the future development of the city.
Chief Development Officer Raad Jarrah said DEP would also ease navigation in and around Deira thanks to multi-storey car parks and an integrated transportation hub under construction in Plot 4.
Phase 1 of DEP includes 50 mixed-use buildings, 2,200 residential units, 416 commercial units, 843 retail units, restaurants and cafes, as well as eight hotels with more than 1,450 rooms and serviced apartments, multiple leisure facilities, a park overlooking the waterfront, green landscapes and multi-storey parking space, the statement said.
It said Plots 11 and 13 are dedicated to the new Gold Souk Extension, which has been “designed to suit the unique needs of gold traders and precious stone merchants.”
Covering a Gross Floor Area of 1,181,025 square feet, the Extension will host approximately 295 retail units and 250 offices, in addition to 468 residences, and is scheduled to open in the beginning of 2021.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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