Dubai’s Roads and Transport Authority (RTA) has signed an agreement with Majid Al Futtaim Group
for developing a plot near the Mall of the Emirates as well as the Bus and Metro Station bearing the same name.
The step is a true manifestation of the Transit-Oriented Development (TOD) concept driven by RTA, said the statement from the Agency.
TOD aims to maximise the amount of residential, business and leisure space within walking distance of public transport besides reducing traffic congestion and promoting environmental sustainability, it added.
This will help inject further growth in the metro and bus stations of Mall of the Emirates through development of the land plot between metro and bus stations and Majid Al Futtaim-owned Mall of the Emirates, remarked Abdul Mohsen Ibrahim Younes, CEO of Rail Agency, after signing the deal on behalf of RTA with Ghaith Shocair, CEO of Majid Al Futtaim (Shopping Centres).
It is a graphic example of transit-oriented property development that ensures optimal utilisation of government assets, he stated.
Younes said the deal serves RTA's objective of boosting the Public-Private Partnership (PPP), which is vital for leveraging the economic growth of the UAE, especially Dubai.
"It comes at a time when the emirate is heading towards hosting a key economic event, Expo 2020,” he stated.
“PPP concept is on the top of our government's attention as it believes that economic and social development rest on mustering all community resources along with the expertise of public and private sectors in developing and managing projects at high levels of governance and efficiency. Such projects will also serve mutual and national interests thanks to the concerted efforts the community,” added Younes.
Ghaith Shocair said it was imperative to maintain an integrated, efficient and environmentally sustainable transit system.
"We are pleased to partner with RTA and stand ready to apply our experience in developing the land plot near Mall of the Emirates and the Metro and Bus stations. The project offers a big boost to the concept of transit-oriented development," remarked Shocair.
“MAF believes in the vitality of PPP and the role of such partnerships in stimulating the growth of various economic and social sectors. Developing unused areas contributes to achieving an optimal solution to work, residential and retail needs together with improved transit systems,” he added.-TradeArabia News Service
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