DUBAI:
Dubai’s ruler announced a new initiative for the Palm Jebel Ali, an artificial palm-shaped island that has remained inactive since 2009 after a real estate crisis. This island is twice the size of the operational Palm Jumeirah.
According to Sheikh Mohammed bin Rashid Al Maktoum, who is also the vice president and prime minister of the UAE, the Palm Jebel Ali will offer over 80 hotels and resorts to cater to visitors and tourists, providing them with exceptional experiences.
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The existing Palm Jumeirah is highly sought-after in Dubai, particularly favored by Russians who have been drawn to the emirate amid the Ukraine conflict, which has contributed to a thriving property market.
Nakheel, a government-owned company, is the developer of these islands. It came under government control in 2011 as part of a $16 billion rescue plan following the real estate crash of 2009-2010. In November, Nakheel secured 17 billion dirhams ($4.63 billion) in financing to expedite the development of new waterfront projects, including Dubai Islands (formerly known as Deira Islands), another artificial island venture.
Dubai, the financial and tourism hub of the Middle East, has witnessed a recovery in its real estate market since early 2021. This resurgence was facilitated by the government’s swift actions to reopen the economy and airports.