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good news, finally some progress again here.

AED 30 Million Contract of Al Badia Business Park, Dubai Festival City: Building 1 Of 5 Construction Begins with Expected Completion of Late Summer 2011

Al-Futtaim Group Real Estate (AFGRE), the real estate development and operations arm of Al-Futtaim group, announced it has awarded Khansaheb Civil Engineering in Dubai a 30 million Dirhams contract to commence construction of Al Badia Business Park at the south east section of Dubai Festival City.
The construction contract is for the first of five office buildings and will comprise of 2 basements, ground floor plus 4 additional floors, along with associated services serving the 22,000 sq. m. building. The agreement also includes the infrastructure works within the plot boundary consisting of Mechanical Engineering Plumbing (MEP), including landscaping and access roads.

Emad Nimeh, Development Director - Residential & Commercial at Al Futtaim Group Real Estate (AFGRE) said: "We're delighted to commence the construction of Al Badia Business Park, a much anticipated commercial offices project at Dubai Festival City, the mega mixed-used development. Al Badia Business Park will offer an exceptional commercial environment with easy road access, amble parking, excellent infrastructure as well as a wide range of world class leisure and shopping facilities. The appointment of Khansaheb Civil Engineering emphasises our focus on working with the leading local companies that will provide the highest standards".

The project has already begun and the first building completion date expected of late summer 2011. It is located near Deira International School and its design comprises a low rise office complex with parking lots. As a part of Dubai Festival City community, Al Badia Business Campus benefits from its strategic location which is easily accessible through Nad Al Hammar, Al Rebat Road, Business Bay Crossing, Garhoud Bridge and 2km from Dubai International Airport. In addition to the projects proximity to the three residential districts and Festival Centre within Dubai Festival City, the Campus is linked by an existing 30 kilometre internal network of roads and parks where transportation shuttles are in operation.

In 1935 Khansaheb became the first contractor to work in, what was then, the Trucial States. Since then Khansaheb has grown along with the UAE to be today, one of the leading contractors in the region.

Dubai Festival City has been designed to suit the varied lifestyles of both families and working professionals, where all can enjoy a range of interconnected first class services and activities including the finest residential, shopping, dining, leisure & entertainment, international hotels, schools, golf course, automotive park and offices along the Dubai Creek. Dubai Festival City combines safe living, working and five star services to create an integrated community retreat like no other.

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THe article mentions one small commercial project to be completed-I assume it's Business Park 1, the rest on hold...

Festival City to add residential space in 2012
29 February 2012
The multi-billion dollar development will add up to 150 new apartments at the beginning of next year
Dubai Festival City is to increase its residential offerings this year with the launch of two apartment blocks and several new villas, the group director for Al Futtaim Real Estate has said.
The multi-billion dollar development, which ground to a halt in the wake of the global financial crisis, will add up to 150 new apartments at the beginning of next year as parts of the project come back to life.
“What we’ve built so far is about 35 to 40 percent of the total master plan, so there is still a lot to go,” said Vishesh Bhatia. “There are lots of residences coming up, we are looking at doing two apartment blocks behind the villa complex next to the golf course.
“The plan is for about 150 new apartments, and we also looking at villas. We hope to start this year and complete within 12 months.”
Al Futtaim put the brakes on the Dubai Festival City development towards the end of 2008, when the economic downturn began to take its toll on the emirate.
The real estate sector, hit hard by the crisis, saw scores of investors flee the market as house prices plummeted more than 60 percent and billions of dollars-worth of projects were scrapped.
Analysts say real estate in more desirable locations complete with amenities could see an uptick this year, with prices forecast to increase anywhere between 5 and 10 percent.
Al Futtaim has since commenced its residential sales programme in the hopes of seeing an upturn in the market.
“In Dubai Festival City we have just begun to sell, we made our first sale very recently and we have a list of about 20 others in the pipeline.
“[We didn’t sell before] because we needed the title deeds, but the intention was always there,” said Bhatia. “The market was also not right for selling in 2009, 2010 and 2011, but it’s beginning to pick up now. There's interest, and there’s appetite to buy here.”
The office market was less stable, he added.
“We have just finished one small project in our business park but I think we will wait and see [about others]. Commercial space generally in Dubai is grossly oversupplied, so we need to be careful.”
The Dubai Festival City development is a 1,300-acre, waterfront development, housing a mix of residential, commercial and retail properties.
Developer the Al Futtaim Group has also announced plans to revamp the site’s mall over the next two years in a bid to boost the number of shoppers.
Upon completion the centre will feature more entertainment aspects and a mix of new retail brands, as well as large structural alterations to enhance sections of the mall with low occupancy rates.
Source: Arabian Business
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