Dubai’s Ruler Reveals Plans For A Second Island In The Shape Of A Palm
June 1, 2023 / By Zunair Tahir / World News
The Palm Jebel Ali, a man-made palm-shaped island that has been abandoned since 2009 due to a real estate slump and is twice the size of the active Palm Jumeirah, received a fresh development plan on Wednesday from Dubai’s ruler.
The UAE’s vice president and prime minister, Sheikh Mohammed bin Rashid Al Maktoum, posted on Instagram, “Its visitors and tourists will enjoy more than 80 hotels and resorts that provide beautiful tourist experiences.”
The current Palm Jumeirah is one of Dubai’s most popular neighborhoods and a favorite among Russians who have come to the emirate as a result of the turmoil in Ukraine, which has fueled a burgeoning real estate market.
The islands were developed by state-owned corporation Nakheel, which was taken over by the government in 2011 as part of a $16 billion (10 billion pounds) rescue package following Dubai’s real estate meltdown in 2009-2010.
As it expedites plans for additional waterfront projects, including Dubai Islands, another man-made island project formerly known as Deira Islands, Nakheel in November received 17 billion dirhams ($4.63 billion) in finance.
As the government tried to swiftly reopen the country’s economy and airports, the real estate market in Dubai, the financial and tourism center of the Middle East, started to rebound in early 2021.
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