DUBAI: Dubai’s ruler on Wednesday announced a new plan for the Palm Jebel Ali, a man-made palm-shaped island that has been dormant since 2009 following a real estate crash, and is double the size of the functioning Palm Jumeirah.
“Its visitors and tourists will enjoy more than 80 hotels and resorts that provide beautiful tourist experiences,” Sheikh Mohammed bin Rashid Al Maktoum, who is also vice president and prime minister of the UAE, said on Instagram.
The existing Palm Jumeirah is one of the most sought-after areas in Dubai and a favourite of Russians who have flocked to the emirate following the conflict in Ukraine, contributing to a red hot property market.
State-owned company Nakheel, which was taken over by the government in 2011 as part of a $16 billion (10 billion pounds) rescue plan in the aftermath of Dubai’s 2009-2010 real estate crash, is the developer of the islands.
Nakheel in November secured 17 billion dirhams ($4.63 billion) in financing as it accelerates plans for new waterfront projects including Dubai Islands, another man-made island project formerly known as Deira Islands.
The real estate market in Dubai, the Middle East’s financial and tourism hub, began its recovery in early 2021 as the government moved to quickly reopen its economy and airports.