2023-05-31 19:20:28
Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, announced, on Wednesday, a new plan to create the artificial “Palm Jebel Ali” island, whose implementation has been suspended since 2009 after a real estate collapse, and it is twice the size of the Palm Jumeirah that has already been implemented.
Sheikh Mohammed bin Rashid, who is also Vice President and Prime Minister of the UAE, said on Instagram that visitors to the island will enjoy more than 80 hotels and resorts on the new island.
The current Palm Jumeirah Island is one of the most attractive areas in Dubai, and it is favored by the Russians who flocked to the emirate after the conflict in Ukraine, which contributed to an intense boom in the real estate market.
The developer of the islands is state-owned developer Nakheel, which was taken over by the government in 2011 as part of a $16 billion bailout, following Dubai’s 2009-10 real estate crash.
Nakheel secured 17 billion dirhams ($4.63 billion) in financing in November as it accelerates plans for new waterfront projects, including the Dubai Islands, a project to create other man-made islands formerly known as Deira Islands.
The real estate market in Dubai, the financial and tourism hub of the Middle East, began to recover in early 2021 as the government moved to quickly reopen its economy and airports.
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