Dubai Maritime City (DMC), the world’s first purpose-built maritime centre, on Tuesday launched six new projects at its mixed-use Business District development.

DMC is an integrated development encompassing commercial, industrial, academic, residential and lifestyle components.

The grand inaugural ceremony on DMC’s 227-hectare man-made peninsula between the Drydocks World and Port Rashid was held on Tuesday under the patronage of Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai World.

Several top officials including Mohammed Al Shaibani, the director general of  The Ruler’s Court, Government of Dubai, Khamis Juma Buamim, chairman Drydocks and Maritime World attended.

On the launch, Sheikh Ahmed said, 'DMC represents the vision set for Dubai as a hub that offers an unique environment for global maritime community to grow and develop. This is another milestone in this journey towards maritime excellence.'

The 121-hectare Business District, estimated at around Dh2.5 billion ($680 million), is at the heart of the visionary DMC project and complements the Marine Industrial District Operation inaugurated earlier this year under the first of the three-phase development.

The six new projects are Swiftships Towers (office towers by Swift Development); ‘Iris Mist’Hotel Apartments & Residences (Sheth Developers); Kensington Krystal (a budget hotel by Kensington Global); Sanali Aquamarine Residential Apartments (Sanali Global) and a a six star hotel by Dubai Investments Real Estate.

The project mobilization and commencement of construction is expected towards the end of 2012, said Sheikh Ahmed.

Business District will serve as the main business growth engine of DMC, accounting for nearly 90 per cent of its projected total income in 2013. It includes a maritime centre, harbour offices and residences, a marina, an academic quarter and a hotel.

Nineteen big names are being considered to handle the development and sale of the commercial and residential units in the Business District.

These include Swift Development, Kensington Global Investment, Al Burj Real estate, Dubai Investment Real Estate, Sanali Global, Al Faraa Investment, Sheth Estate International, ETA Star Property Developers, Deyaar Development, Mena Capital Investment, Omniyat Properties Eighteen, Vakson Freehold, Meyadeen, Hemen RED & General Trading, Mohammed Shafar, Das Holding, Damac, Ismail Janahi, Esam Janahi.

Khamis Juma Buamim said, “We believe DMC will serve as a dynamic urban address for all maritime and offshore business clusters. We are committed to deliver innovative products and solutions to the industry.'

'Since August 2010 we have improved performance through a series of measurable cost and resource management initiatives that are expected to double our earnings this year,' he added.

The DMC has been designed specifically to enhance the maritime industry and serve as a unique place for the maritime community to work, live and play.-TradeArabia News Service