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FINANCIAL NEWS
Dubai to establish USD1.6b Bluewaters Island
14 Feb 2013
(MENAFN) Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum has endorsed the USD1.6 billion Bluewaters Island project that would be developed off the coast of Jumeirah Beach Residence, reported Arabian Business citing state news agency WAM.
The island development, which will be one of the world’s largest tourism hot destinations, will contain the 210-meter Dubai Eye, the tallest Ferris wheel in the world that would cost USD272 million.
Dubai-based Meraas Holding, the developer of the project, said that the project will also include retail, residential, hospitality and entertainment zones.
The development will comprise a bespoke souq surrounded by a promenade that will include alfresco dining outlets serving a variety of cuisine, retail stores and a food hall offering fresh produce in a traditional market atmosphere.
Furthermore, the project, which will be linked to the mainland by a road to Sheikh Zayed Road, will feature a luxury 5-star hotel and mixed residential options.
It is worth noting that work on the construction of the island will begin this April, whereas work on the Dubai Eye will start in this year’s second quarter.
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