A range of ambitious building projects have been announced which will boost the property and tourism markets in Dubai.
Topping the list is the £1 billion Bluewaters Island project developed by the government-owned Meraas Holding, which will see the creation of the world’s biggest Ferris wheel.
Costing £160 million and dubbed the Dubai Eye, the announcement to build a Ferris wheel has raised eyebrows in various cities around the world which have their own plans to build wheels.
However, it appears that Dubai’s plans are more ambitious and more likely to be realised. Work starts in April.
The Dubai Eye will stand at just over 688 feet high and will be the highest Ferris wheel in the world able to carry more than 1,000 passengers at a time.
World’s biggest Ferris wheel
Abdullah Al Habbai, chairman of Meraas Holding said: “We are confident that the Bluewaters project will enhance Dubai’s position as the world’s preferred entertainment and retail destination.
“In addition, the Dubai Eye will become an iconic structure which will dominate the skyline.”
Mat Green, of real estate services firm CBRE Middle East, said: “Dubai’s real estate is gaining momentum and there is a notable upturn in developments being announced in the past year.
“The Bluewaters announcement highlights the Dubai government’s strategy to develop the tourism offer in the Emirate’s and they are clearly aiming to compete on a global stage.
“Their strategy is being led with projects such as Bluewaters which will help broaden the appeal of Dubai is a destination for tourists while, at the same time, underpin the Emirate’s attractiveness in the long term.”
The latest announcement comes on the heels of another huge tourist and shopping development called Mohammed Bin Rashid City which will feature the world’s biggest shopping centre.
Interlinked theme parks
It will also have more than 100 hotels and a park that will be bigger than London’s Hyde Park, and an entertainment complex developed in conjunction with Universal Studios.
That’s not the only potential tourism jewel in Dubai’s crown because Meraas Holding have also announced an ambitious £2 billion plan to build five interlinked theme parks.
They will include a Bollywood theme park, a marine park, a night safari, a park for children and a Hollywood theme park, with the first phase ready by early 2014.
In addition, says Mat Green, more developments are expected to be announced in the coming months as developers grow increasingly confident to exploit a quickly improving property market which is already seeing increasing levels of activity from investors.
