MAG plans $217m health city project in Dubai
Dubai, January 29, 2014
Dubai-based MAG Group has signed a joint venture (JV) deal with Dubai Healthcare City to develop a one-million sq ft mixed-use project at an estimated cost of around Dh800 million ($217.7 million).
The development, which is still at the concept design stage, is expected to include two hospitals covering a total of 260,000 sq ft and an 80,000 sq ft clinic; a residential complex of four buildings with combined gross floor area of 430,000 sq ft; a hotel apartment with a gross floor area of 80,000 sq ft and 100,000 sq ft of retail space.
The development will also include a mosque and an advanced automated car parks and extensive hard and soft landscaping. The project is expected to be completed by the end of 2016.
Moafaq Al Gaddah, chairman of MAG Group, said: “The healthcare sector in Dubai is on the cusp of a sustained period of growth and will need to build medical facilities for the future. This expansion is being fuelled by numerous factors.”
“First the natural growth in the local population and in the number of expatriate arrivals as the economy expands, looking ahead to Expo 2020. Two, the growth of private health insurance due to changes in government employment policy and Dubai’s growing status as a medical tourism hub for the Middle East,” he added. - TradeArabia News Service