Dubai is one of the richest cities in the Middle East per GDP ($80+ Bn in 2015). The city is known for its tall skyscrapers – some are in the top 10 list of the Guinness World Records – and lavish life style. Dubai is ranked first among the biggest world capital cities for real estate ROI.
This is a list of the 10 most extravagant real estate development projects in Dubai since a few years and few years to come.
Dubai Business Bay area is one of the new commercial downtowns in the city. Dubai properties group’s Business Bay comprises 240 high and low-rising buildings, mostly residential and mixed-use skyscrapers. The real estate development construction was planned for 30 billion dollars. The total number of employees hired to complete the project is 191,000.
Dubai waterfront (also known as waterfront) is the largest man-made waterfront in the world. The project is a conglomeration of canals and artificial archipelago. Waterfront is planned to add more than 70 kilometres to Dubai’s coastline. It is expected to house an estimated population of 1.5 million people. Dubai Waterfront project is owned by Dubai government’s Nakheel Properties at 51% stake. In 2011, Nakheel has announced its intention to develop the first phase of the Veneto and Badrah neighbourhoods.
The World Islands
The World Islands are artificial islands constructed in the shape of the world in the Arabian Gulf. Dubai government’s Nakheel Properties owns this project. The constructed started in 2003 and is underway. The project has $14+ billion so far.
The Universe Islands
Dubai Universe Islands are another signature project by Dubai government’s Nakheel Properties. The project is open to foreign investment. The islands are shaped as the solar system and the Milky Way galaxy. The project is listed as a future project.
The Palm Islands project is Palm Jumeirah and Palm Jabal Ali. The project is a series of artificial islands linked together in a form of palm from an aerial shot. It is one of the very few human-made projects visible from space by naked eyes. The real estate development and construction of Palm Jumeirah is completed. The construction of Palm Jabel Ali is still underway. Nakheel started on a new islands project called Deira Islands modeled after the Palm Islands.
Jumeirah Garden City
The development consists of 12 districts with an envision built up area of 14,000,000 square meters. The Jumeirah Garden City aims to cater to a population of 50,000 to 60,000 residents. he project will cost approximately Dh350 billion (approx. $95bn). Jumeirah garden city will be built over a period of 12 years, across an area north of Sheikh Zayed Road between Diyafa Street and Safa Park. The first phase of Jumeirah Garden City will comprise six main blocks of high-, mid- and low-rise office, retail and residential buildings, two hotels and a high-end shopping area. The developer Meraas was planning eight landmark buildings in Jumeirah Garden City.
Dubai is the largest theme park in the world. It is twice the size of Disneyland in Florida. The project was proposed in 2013. It is being built by government owned Tatweer holding. The theme park development costs are set at $63.5 billion. The construction of the real estate development work resumed in 2013. The park will host Mall of Arabia which is set to be the largest shopping mall in the world.
This would be the largest canal in the world. Arabian Canal will go along 75 kilometers from Dubai Marina to Palm Jebel Ali rounding Al Maktoum International Airport. If completed, the Arabian Canal would require the excavation of 1.1 billion cubic meters of soil. The canal itself was projected to cost $11 billion. The Arabian canal would be 150 meters wide and six meters deep, enough to accommodate yachts up to 40 meters long.
Dubai International City
Developed by Nakheel Properties with the cost of $95 billion, this zone will be a theme of country-themed architecture of residence and tourist attractions. Once completed the project will contain studio and one-bedroom apartments, and house more than 12,000 residents. Dubai International City is located in the Al Warsan region of Dubai, opposite to the Dubai Central Fruit and Vegetable Market. It is composed of 485 buildings embraces the residential districts of Central Business District (CBD), Iran, Greece, Spain, Morocco, England, France, Italy, Russia, China and Emirates.
Al Maktoum International Airport
The Al Maktoum International Airport is owned by the government of Dubai and is in Jebal Ali. It opened on the 27th of June in 2010. On 24 February 2011, the airport was certified to handle passenger aircraft with up to 60 passengers. The first passenger aircraft touched down on 28 February 2011, an Airbus A319CJ. The airport officially opened for passenger flights on 26 October 2013 with Nas Air and Wizz Air as the two carriers to operate from the airport. In the first quarter of 2014, 102,000 passengers went through the airport.
Dubai : 10 Most Expensive Development Projects
Dubai is one of the richest cities in the Middle East. Every year, government-owned and private developers announce new projects in the emirates. These are the 10 most extravagant developing projects taking place right now in Dubai.