Pearl Dubai, a consortium of investors led by Al Fahim Group and developers of the Dh14 billion ($3.8 billion) Dubai Pearl project, on Tuesday announced that the first phase of construction work has commenced on the world class, mixed-use development.

With the completion of scaffolding and site hoarding, and the obtaining of mobilisation permit from Tecom Investments, Pearl Dubai has begun mobilising contractors for the foundation works of the landmark project.

The preliminary piling test is scheduled for mid-May, while the main contract is in the tendering stage, with bids expected to be submitted on May 18.

Abdul Majeed Al Fahim, chairman of Pearl Dubai, said the project  had received an overwhelming response from investors during the first two launches of its commercial and residential units in 2008.

The market feedback has emphatically reiterated the high level of confidence Dubai Pearl enjoys amongst investors, he noted.

“Inspired by such endorsements, we are delighted to confirm that construction work is moving ahead on schedule. The project is also gathering momentum for yet another exciting launch of an exclusive residential component as an additional incentive for investors,” he added.

The Dubai Pearl project is located in the heart of Dubai Technology and Media Free Zone (Tecom Investments), overlooking Palm Jumeirah.

Expected to be completed by December 2010, Dubai Pearl will have a built-up area of more than 15 million sq ft, combining an active business district with quality urban lifestyle.

It will also offer easy access to premium commercial and residential areas such as Dubai Media City, Dubai Internet City, and Dubai Knowledge Village.

Dubai Pearl will also boast a 2,000-seat state-of-the-art theatre, a luxury fashion precinct, and include sky palaces, sky penthouses and climate controlled pedestrian walkways.-TradeArabia News Service