The project called Marasi Business Bay will be built by Dubai Holding, a conglomerate controlled by the emirate's ruler, Sheikh Mohammed bin Rashid Al Maktoum.
Dubai Holding said today the project will include a 12-kilometre promenade, five marinas, restaurants and waterfront homes. It says the promenade would be completed by September, while the total project would be built by 2023.
Business Bay is a neighbourhood of high-rise residential and commercial towers near downtown Dubai and the Burj Khalifa, the world's tallest building.