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Dubai Announces Mega-Projects
Mohammed bin Rashid Al Maktoum, ruler of Dubai, has approved billions of dollars worth of development projects to help move his country’s economy from oil to tourism.
“The process of development never stops and has no limits,” Sheikh Mohammed said in an interview with Gulf Business.
Saturday’s approval included funding for a US$681 million expansion of the Madinat Jumeirah and the construction of a 120-meter pedestrian bridge that will stretch across Dubai Creek from Bur Dubai to Shindagha. The expansion includes a five-star hotel, villas complex, retail and commercial space. Sheikh Mohammed told reporters the project was slated to be completed before the end of 2015.
New construction is part of the Sheikh’s Dubai Strategic Plan 2015 that was initiated in 2004. Some projects were put on hold in 2008 during the global financial crisis, but have been taken off hold over the past year. In 2011, 30,000 construction cranes, which represents 25 percent of cranes worldwide, are operating in Dubai, according to Gulf News.