RiverWalk, a car-free development in the heart of ‘new’ Dubai, will cover an area of more than 480,000 square metres. It will comprise residential apartments, offices, boutiques, galleries, cafes and an international business hotel.

Jonathan Wride, managing director of Capital Partners, said: “Our agreement with Tecom is the culmination of three years of careful and co-operative efforts to move

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forward on a vision of creating a diverse, vibrant community within Dubai Internet City.

“To say that we are pleased to reach this stage is an understatement. We have demonstrated our commitment to Dubai, and Dubai has responded by welcoming us into its community with this project.”

Ahmed bin Byat, director general of Tecom, of which Dubai Internet City is an integral part, welcomed the news of the RiverWalk project. “Dubai Internet City is known for its innovation,” he said. “It is fitting that it should be the location for a development like this. It is also the start of what we believe to be an inevitable influx of FDI.”

Mr bin Byat added: “This project is not just about the figures; it is about creating a sustainable community environment for our tenantsand residents for decades to come.”

The first phase of RiverWalk is under way and consists of a 450,000-square-metre residential tower located on Sheikh Zayed Road.

The entire RiverWalk project will have three phases of development. DAR Consult is the designer and architect, and Al Habtoor is responsible for the enablement work.