Capital Partners to work with Dubai Government on US$1 Billion RiverWalk Project

A formal agreement has been reached between Capital Partners, an American private equity firm spearheading investment between the United States and Dubai, and Dubai Technology and Media Free Zone (TECOM), part of Dubai Holding, to develop RiverWalk, a signature $1 billion project to be built in Dubai Internet City.

A Venetian-styled development in the heart of “new” Dubai, RiverWalk will offer a car-free environment that covers more than 1.6 million square feet of land and will include more than 5 million square feet of residential apartments, inspiring offices, boutique shops, galleries, cafes and an international business hotel.

Jonathan Wride, managing director of Capital Partners, said, “Our agreement with TECOM is the culmination of three years of careful and co-operative efforts to move forward on a vision of creating a diverse, vibrant community within Dubai Internet City.

“To say that we are pleased to reach this stage is an understatement. We have demonstrated our commitment to Dubai, and Dubai has responded by welcoming us into their community with this project,” added Wride.

Phase One of RiverWalk is currently underway and consists of a 1.5 million-square-foot residential tower located on Sheikh Zayed Road.

Ahmed bin Byat, director general of TECOM, of which Dubai Internet City is an integral part, welcomed the news of the RiverWalk project. He said, “From its inception, Dubai Internet City has been known for its innovation, and it is fitting that it should be the location for a development like this, as well as be the start of what we believe to be an inevitable influx of Foreign Direct Investment.

“However, this project is not just about figures: it is about creating a sustainable community environment for our tenants and residents for decades to come.”

Todd C. Thiel, managing director of Capital Partners, added, “Our agreement is particularly significant for us as an American group. We have gone to great lengths to encourage, promote, educate and support the role of Dubai in both the United States and the world stage to private industry and public officials.

“What the government of Dubai has put forward as a vision, as well as their ability to deliver results while sustaining this level of growth, is nothing short of remarkable. We have been preparing for this day for some time and are proud to continue to promote the opportunities that the government of Dubai has made available to the entire region.”

As an advocate for the investment potential of Dubai, Capital Partners has been instrumental in gaining favour for development in this region from both the private and public sectors in the United States. Wride and Thiel believe that the RiverWalk development will provide a platform for additional development and investment.

Wride sums up the sentiments of the firm’s partners, “We have embraced the culture, the community and the business environment here. We feel strongly that Dubai is the place to be today and that Capital Partners has gained a critical first-mover advantage in this market. Investors who are sitting on the sidelines are missing one of the fastest-growing markets in the world today.”

The RiverWalk project

Plans call for RiverWalk to have waterways flowing through the development, with a central island of restaurants, galleries, studios and boutique shops as a key attraction. The international branded business hotel will be a key element of the project, in addition to the residential tower to be constructed during Phase One.

“Creating a ‘walkable’, liveable environment was essential. RiverWalk was designed with the overall aesthetics of the area at the forefront of consideration,” said Wride.

“For example, we will not allow surface parking to mar the appearance of the project; and landscaped green areas will provide space and breathing room for residents. The project has been designed on the principles of New Urbanism – creating improved quality of life through diverse, walkable, mixed-use developments,” he concluded.

The entire RiverWalk project will consist of three phases of development. DAR Consult is the designer and architect, and Al Habtoor has done all the enablement work to date.

See other recent news regarding: Dubai