Architects for the project are 5+Design and the developer for Dubai Festival City is Al Futtaim Group. Construction of the development, which is largely being carried out by Al Futtaim Carillion, began in 2003 and is expected to take 12 years. The project spans 3.8 kilometres (2.4 miles) of water frontage on the eastern bank of Dubai Creek and is 2 kilometers (1.24 miles) from Dubai International Airport. As of mid-2006, investments in the project had exceeded 11 billion AED (3 billion USD)
The Festival Waterfront Centre, is a retail power centre which includes IKEA, HyperPanda supermarket (first Panda hypermarket outside of Saudi Arabia, Plug-ins ElectroniX and Ace Hardware (the largest outside North America).
The shopping centre in Dubai Festival City, known as the Festival Centre, opened on 1 March 2007. The Festival Centre contains a pool of water with small fountains, a large glass ceiling, and many shops. The shops, stores and restaurants in the combined Festival Power Centre.