"We have started dredging and reclamation work on the project. Villa construction will commence by year-end, while the project is expected to be completed by 2010," Mohammed Ali Al Hashimi, Executive Chairman, Zabeel Investments
Although he did not comment on the value of the project, Al Hashimi said it will "significantly increase the size of its investment portfolio". Currently, Zabeel Properties has a Dh15 billion worth of residential, commercial and hospitality development portfolio.
Reclamation work is being undertaken by Boskalis Westminster, whils
is providing assistance and sharing its experience in reclamation and coastal development.
Porto Dubai, which is being built off the coast near the Umm Suqeim Marina, will expand the public beach, the last remaining stretch of public sand on Jumeirah Beach. "There will be no development on any of the nearby public beach areas," Al Hashimi said, assuring Umm Suqeim residents and beachgoers the beach area will be further extended.
The luxury villas in Porto Dubai will be arranged in a circular fashion on the peninsula’s four platforms, which will rise at stretches of four meters to its highest point of 16 meters at the centre. There will be two restaurants, spa and health club.
"Porto Dubai is an exclusive, high-end, luxury residential development. We are confident it will be a premier and most sought-after villa development in the emirate," said Al Hashimi. The company has no plans to raise any debt to fund its projects. "We have ample sources of funding," he said.
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