MAG Development, the real estate arm of the Mag Holding Group, has announced the laying of the foundation stone for the ‘Mag City’ project, which is located in Mohammed Bin Rashid City’s Meydan District 7.
The groundbreaking ceremony for the $2 billion project was held in the presence of Moafaq Al-Gaddah, founder and chairman of the MAG Holding Group and MAG Development Company; Dai Haijin, Chairman of the China National Chemical Engineering Group Co., Ltd.; Han Ping, Vice President, Nay Chaun; Chairman of the China National company for Chemical Engineering Co., Ltd., Middle East, and Su Fukiang, Chairman of "CC7", as well as top UAE and Chinese officials and board members of the two companies, in addition to real estate developers and experts.
Moafaq Al-Gaddah, founder and chairman of the MAG Holding Group and MAG Development Company, toured along with the attendees and a large number of journalists. They were briefed about the project’s work plan and the dates of starting construction works in the various stages from the first to the fifth.
Al-Gaddah explained the advantages of the ‘Mag City’ project, which includes 5,100 housing units of villas and apartments. He stressed the group’s care in selecting the executing companies led by the Chinese National Group for Chemical Engineering Limited, as well as choosing all the project designs and raw materials according to the highest standards of quality and modern construction. He also emphasised their commitment to delivery plans, promising to complete the project on time in the year 2022.
Al-Gaddah said during the press conference held on the occasion to give more details: "Today we are pleased to announce the launch of the giant “Mag City” project consisting of more than 5,100 residential units of villas and apartments to be the largest residential complex we offer to the Dubai real estate market. We will exert our professional experience to build a distinguished project that is in line with the reputation of Dubai and the value of our distinguished partners and the history of our group."
"In line with the message of the new season, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who stressed the need to implement specific projects and exceptional ideas in the near future to continue to lead and excel in all vital sectors in the country. We worked on designing a model city that includes integrated services and facilities, which provide a sustainable social environment for the project's residents and reduces the need to move to secure living requirements. We designed the Mag City project according to a new standard that was studied to ensure the best use of spaces and reduce the cost of service fees and operating costs, which enhances the investment returns for our clients,” Al-Gaddah added.
He also confirmed that the company recently put forward innovative plans to make the ownership of the property accessible to all. The ”Mag City” project is a new addition to the real estate market in the region to enhance the competitiveness of the Emirate of Dubai. The project will create a new market and attract new categories of buyers by expanding the targeted group. Therefore, we were keen to study the project in full details and aspects. The designs and materials were carefully chosen as we worked personally with the team to ensure the quality of what we provide to the market and the Emirate of Dubai.
Dai Heijen, Chairman of the China National Chemical Engineering Group Limited, said: "We are pleased with our strategic partnership with MAG Development to enhance our presence in the UAE market as one of the most important and largest real estate markets in the Middle East.
"The total value of the contracts currently executed for the group in the UAE, Saudi Arabia, Oman, Iraq and other countries is about US$3.2 billion,” he added.
The “Mag City” also offers public facilities with an area of 48,000 square meters, including a private clinic, a nursery and a mosque. There is also about 8,000 square meters devoted to retail spaces, and 84,000 square meters of public parks and green areas equipped with running and riding tracks, cycling tracks.