By Beatrice Thomas www.arabianbusiness.com
Dubai has unveiled a raft of construction projects in the past year worth more than $130bn, an analysis by Arabian Business has found.
The announcements by major developers includes a growing pipeline of mega projects in what has been touted as a resurgence in the development sector.
However, property analysts say the ambitious construction agenda, which is set to be rolled out over the next few years, needed to be viewed cautiously after the 2008-10 economic crisis resulted in Dubai property prices plummeting by up to 60 percent and many projects being cancelled.
Amongst the biggest projects to emerge this year is the June launch of the 6.5 million square metre Dubai Creek Harbour, a joint venture between Emaar Properties, Dubai’s largest listed developer, and conglomerate Dubai Holding.
With business, shopping, sporting and entertainment facilities planned, the project reportedly has a budget of $17.4bn.
Emaar also announced in June plans for the Dubai Hills Estate, which is part of the wider Mohammad Bin Rashid City project, after teaming up with government-backed Meraas Holding to add to its master-planned communities.
In a busy year, it follows Emaar’s plans for The Address Residence Fountain Views and The Address Residence Sky View in Downtown Dubai, which were also unveiled this year. More info