The master plan for smart city called Renaissance City was announced during a press conference in the capital with an allocated amount of investment of $30 billion to push through its realization.
According to project owner, which is an Italian real estate giant, the upcoming large-scale development project in a 290 hectare plot will offer 30,000 soon-to-be residents an ambiance showcasing the convergence of the culture of Italy and UAE rendering it unique compared to the other cities in the UAE.
The project design shows that it will feature 260,000m2 of office space, 300,000m2 of retail space, 160,000m2 of hotels, and a total of 13,000 residential units.
The master plan is still revisable or even downscaled to go well with any project that it may fit particularly the lately announced Mall of the World. The project is preferably to be developed in Dubai in connection with the Expo 2020 perhaps linking it with the Milan Expo 2015.
The promoters stated that they will not push aside the environmental aesthetics especially the area around the sea in order to keep the sustainability of the project. Another thing is its commercial aspect that will be stressed in the project, like the market, which is intended for the people who will live and spend their lives in the city.
As the project is divided in phases, the overall cost will not be used before offering to investors in one of the later phases and will be brought in the UAE this September.