No........ it’s not a local medical condition caused by burning heat in Dubai, or anything else for that matter. It is in fact the latest of an impressive number of iconic structures that will soon be dominating the Dubai Skyline.
The ‘Dubai Eye’ is basically a larger version of London’s very own ‘London Eye’ which has become one of the capitals favourite tourist attractions offering spectacular views over the city. Dubai has taken note and plans to build their very own version, but in typical Dubai fashion their plan is to make theirs bigger and better.
The 210 meter structure will cost approximately $275m to build and is planned to be the largest Ferris Wheel in the World when completed. It will be positioned off the coast of the Jumeirah Beach Residence as part of a larger mixed use scheme known as Bluewaters.
Bluewaters in Dubai
Bluewaters is a $1.6Bn project that will host retail, residential, entertainment and hospitality zones. It is hoped that the Dubai Eye will be the focal point of the development. The development will be linked via the Sheikh Zayed Road and also connected to the existing Metro system. The project is further proof of Dubai’s renewed commitment and vision to improve its position in the International Tourism sector and to spend a lot of money on construction again to achieve this objective. This has been something that has been in doubt in recent years due to the economic downturn. Dubai’s ambition has never been in doubt; however the funding for such projects has been until very recently.
Dubai Developer Profits and Ambitions are Returning
However with one major Dubai based developer announcing a 57% increase in profits during 2012 and a 91% growth in sales it seems that confidence in Dubai’s volatile real estate sector is beginning to return. For long periods of time the Dubai construction market has been heavily subsidised by government financed projects which have mainly related to improving the Emirates infrastructure such as continued improvements to Dubai Airport.
However major leisure projects such as Bluewater’s ($1.6Bn), Dubai Safari park ($40.8m) and the City of Arabia Development ($5Bn), which will include Marvel Entertainment’s Indoor Theme Park are just some of the projects planned which will be largely privately funded.
This will be a welcome boost to the Dubai construction sector and construction workers who still see Dubai as one of the most desirable locations to earn their living. A combination of exciting projects, leading International construction companies and tax free earnings make Dubai one of the most rewarding locations for expatriate construction workers.
If you are a Quantity Surveyor, Project Manager or a qualified Engineeing professional and have the skills and experience to add value on high value signature projects in Dubai, Maxim would like to hear from you. Why not submit your CV to Maxim Recruitment via our website today?!