|
Dubai’s Roads and Transport Authority (RTA) and Majid Al-Futtaim Group (MAF) have signed a Memorandum of Understanding (MoU) for developing a land plot nearby 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. It aims at maximizing the amount of residential, business and leisure space within walking distance of public transport. TOD aims also to reduce traffic congestion and promote environmental sustainability.
Abdul Mohsen Ibrahim Younes, CEO of Rail Agency, signed on behalf of RTA; while Ghaith Shocair, CEO of MAF Shopping Centres, in the presence of several officials from both parties.
“The signing of the MoU serves our 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 where the Emirate is heading towards hosting a key economic event, Expo 2020,” said Younes.
The MoU aims to inject further growth in the metro and bus stations of Mall of the Emirates through developing the land plot between metro and bus stations and MAF-owned Mall of the Emirates. It is a graphic example of transit-oriented property development that ensures optimal utilisation of government assets.
“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.
“It is 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,” said Ghaith 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,” added Shuocair.
|
New
