Dubai Courts and Park Line have inked the first public private partnership (PPP) agreement in Dubai.
Under the terms of the deal, the world's largest automated car park facility will be developed within the premises of Dubai Courts.
In a statement, KBW Investments said the Dubai Supreme Court project, having a built up area of 5.6ha, will include the development of a 4,420-sqm Supreme Court building, 18,600 sqm of office space, and 3,154 sqm of retail space.
The project is due for completion in 30 months, and upon its launch, will make Dubai Supreme Court the first government building to comprise an automated car park facility.
Dubai's PPP law was launched in November 2015 by Vice President and Prime Minister of the UAE, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum. The project will be carried out by Park Line, a special purpose company established by NGP, which is a part of the KBW Investments portfolio.
ITNL Infrastructure Developers, a subsidiary of India's IL&FS Transportation Networks Limited (ITNL), will also work on the project.
A 30-year Concession Agreement was signed for the project between HE Taresh Eid Mohammad Al Mansouri, director general of Dubai Courts; Ravi Sreehari, CEO of ITNL's MENA region; and Ahmed Alkhoshaibi, group CEO of KBW Investments and managing director of NGP Ltd.
The agreement was signed under the directives of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and chairman of the Judicial Council of Dubai.
Remarking on the deal, HRH Prince Khaled Bin Alwaleed bin Talal, founding chairman of KBW Investments, said: "The Dubai Supreme Courts development, an expansive project that will be a hallmark achievement in NGP’s portfolio, demonstrates the UAE’s forward-thinking movement toward smart and sustainable building. KBW Investments takes pride in being at the forefront of technological advancements in UAE infrastructure."
Issa Najieb Khoory, chairman of Park Line, added: "This project would pave way for future PPP Projects in the Emirate of Dubai, and its successful implementation would set up a benchmark for developing infrastructure projects on PPP basis.
"We will encourage more and more public authorities to adapt the PPP project structure as it removes the risks from the public sector to private companies," Khoory concluded.