According to the chief executive of Dubai Investments, the firm leading the plan will be looking at spending Dh250 million for the domed leisure and respite park encompassing gardens, parks, cafeteria and sports facilities and services are to be established in Dubai with construction commencing this summer.
The project named ‘Crazy Garden’ has an investment value of Dh250 million and will be established on a land of 33,000 square metres in the Meydan area of Dubai, close to Downtown, the Dubai Opera District, and the Meydan Racecourse.
“We’ve been planning this for two years and have just received the green light from the Dubai Municipality to progress with the scheme,” commented the managing director and chief executive of Dubai Investments, Khalid bin Kalban, in an interview with The National. He did not specify a completion date.
Dubai investments, also listed on the Dubai financial market, is a diversified and variegated firm in which sovereign wealth fund investment corporation of Dubai has an 11.54 percent share.
The companies real estate counts for 68 percent of the group’s entire Dh17bn of assets and properties as of December 31, 2017, and confers 57 percent to the group profit and revenues.
Manufacturing and leasing, literacy and medical care and capital and financial services are included in the other sectors of Dubai Investments under operation.
According to Mr. Bin Kalban, Crazy Garden is programmed to commence construction in the upcoming 3-4 months.
The scheme will be an indoor amusement spot and destination with restaurants, cafeterias, football pitch and community spaces such as wedding venue and sequence of gardens.
The chief executive said that the extensive space 15,000 square metres will be totally enveloped with a 14-meter-high glass dome so that the service can be used around the year, whereas some glass panels could be removed to let in fresh air in winters. There would be an entrance fee too, but it’s not finalized yet however, it is anticipated to be “cheap”. Mr bin Kalban added: “Lots of thought went into the location for this project. It was supposed to be next to Dubai Safari Park [on the Abu Dhabi road beyond Jebel Ali], but the consultant we engaged said we need a bigger catchment area of residents, including housewives in the central neighbourhoods of Dubai dropping their children to school and then going to have a coffee in there, for example.”
Meanwhile, the scheme will also create vocations and contracts for Dubai Investments’ firms, incorporating aluminum, glass, and district cooling operations.
Currently, Dubai Investments has approximately Dh4.5 billion of real estate projects and plans under construction, said chief executive. The amount would rise to about Dh5.5bn when pipeline projects and plans are taken into consideration. The firm and its subordinates are also constructing Midriff Hills, a mixed-use freehold plan incorporating housing, a hospital and hotel, the third sector of the Green Community West residential project and the retail element of Dubai Investments Park, along with five schools across Egypt and Kenya through its $100m Africa Crest Education sponsor.