District One of Dubai's massive $8.16 billion Mohammad Bin Rashid City was today inaugurated by Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The project, being developed by Meydan Group, is about 4 km from Burj Khalifa in Downtown Dubai, Wam said.

The entire mixed-use development spans more than 54 million sq ft of freehold land and District One alone stretches 4 million sq ft.

Saeed Humaid Al Tayer, Meydan Group chairman and CEO, said the project has 600 hectares of open and green parkland; waterways; woodlands; a water park; the largest crystal lagoon body of water in the world with 7 km of stunning lagoons and 14 km man-made beaches, alongside retail zones, leisure and sports attractions.

The city will be completed in 2018-2019.

District One will have 1,500 villas across more than 1030 acres, making it one of the world's lowest density residential developments.