Following a successful $1 billion bid for Cape Town’s Victoria and Alfred (V&A) Waterfront last year, the UK-Dubai buyers are ready to begin implementing their four year development strategy, which will see them spending a further $1 billion and introducing expertise that turned Dubai into an iconic city.

According to Engineering News, Dubai World has indicated that it will spend at least $1 billion on developing ‘Africa’s Riviera’ before the 2010 Fifa World Cup begins and is considering supporting the initiative by part funding the construction of a new boulevard between the waterfront and the still-to-be built stadium.

David Spencer, who heads the leisure business of Istithmar, the private equity arm of government-owned Dubai World, told Engineering News that in keeping with the fast-track approach, technical planning for the construction began two weeks after opening.

According to a four-year development strategy, stage one of the project, which will start immediately and continue over the next six months, will involve landscaping and beautification measures, additional car parking space, commercial facilities and improvements to pedestrian access to the area.

Stage two will ensure the waterfront, which attracts over 22 million people every year, is one of the highlights of the 2010World Cup and stage three will involve new facilities to consolidate the waterfront’s status as a leading global resort.