The reopening of Dubai’s Palm Jebel Ali signals a strong economy | Tech Rasta

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The story of Dubai’s landmarks is, in many ways, the story of the city itself. They are a global collection, very modern. Dubai Mall is the most visited lifestyle destination in the world. The Burj Al Arab has a number of world records to its name, including the tallest hotel atrium.

They, like the city, are also known for succeeding against the odds. An entire artificial island had to be built to house the Burj Al Arab. The Burj Khalifa, the world’s tallest building, emerged as the centerpiece of the new district, breaking many of its own world records as it did so.

Another project at the center of the city’s identity is the Palm Jumeirah, an artificial island that now houses some of the city’s most famous hotels and luxury homes. Recently, one of his mansions sold for $82 million, the most expensive home sale in the city’s history.

By some measures, Palm Jebel Ali, an echo of another man-made island off the coast of Dubai, has had to overcome even greater challenges, with the site lying dormant for the past few years. After more than a decade on hold, work may be about to resume its development.

Developer Nakheel has said it is reviewing its plans for the island. The evidence to support that decision is strong. At the heart of Nakheel’s plans is rising property prices in Dubai. The Dubai Land Department recorded August as its best-performing month in sales in 12 years, with a total value of nearly $6.6 billion. High-end beachfront properties are leading the way. Real estate agents are reporting a 300 percent increase in their value. The Palm Jebel Ali design provides opportunities for thousands more.

Its big brother is also known for tourism, especially the many hotels that are located in the outer ring. The industry is seeing significant growth, too. Recently, many new hotels in the United Arab Emirates have been announced and the number of rooms and flights continue to increase.

Faisal Durrani, partner and head of research at real estate consultancy Knight Frank, said Palm’s relaunch plans would go beyond business.

“The rebirth of Palm Jebel Ali could lead to the emergence of Dubai’s seventh highly desirable city center, following on from Deira/Bur Dubai, Downtown, Dubai Creek Harbour, The Palm Jumeirah-Dubai Marina-JLT, South Dubai and the launched Dubai Islands soon..”

It is important to remember that the potential revival of the project is still in its early days. If confirmed, the infrastructure will need to be planned and it will take at least a few years before the first building is built. Experts predict that the earliest it can be opened is three to four years from now.

All this would happen in a world economy that is struggling. But the fact that in the midst of this uncertainty, and after this crisis, UAE developers still have the courage to float such ideas, shows that like the sky, Dubai’s economy has grown.

It will take some time before this project is delivered, but in the meantime investors can look to stories like this as a sign that the country’s recovery from the disaster is progressing rapidly.

Published: October 04, 2022, 3:00 am

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