The Jumeira Palm island.The government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate more valuable, and corporations such as Emaar Properties and Nakheel have benefited. Corporate office enclaves on Sheikh Zayed Road were developed to shift Dubai's traditional business area from the Dubai creek to the western parts of the city.
Dubai's land-reclamation projects — the three Palm Islands of Jumeira, Jebel Ali and Deira; The World archipelago; and the Dubai Waterfront — will be the largest man-made offshore structures in the world, housing villas, hotels, shops and holiday resorts.
The first villa freehold properties that were occupied by non-UAE nationals were The Meadows, The Springs, and The Lakes (upper-class neighborhoods designed by Emaar Properties, collectively called Emirates Hills). Somewhere from 2005 to 2006, most of the freehold skyscrapers and other villa projects will be ready for occupancy.
The city has modern skyscrapers such as Emirates Towers, which are the 12th and 24th tallest buildings in the world[8], and the Burj al-Arab located on the Persian Gulf and is currently the tallest hotel in the world.
Emaar Properties is currently constructing what will become the world's tallest building, the Burj Dubai. It is expected to be completed in 2008.
In February 2005, the construction of Dubai Waterfront was announced [9], it will be 2½ times the size of Washington D.C., the size of the island of Manhattan. Dubai Waterfront will be a mix of canals and islands full of hotels and residential areas that will add 500 miles of man-made waterfront. It will also contain Al Burj, another one of the tallest buildings in the world.
Dubai has also launched Dubiotech. This is a new park to be targeted at Biotech companies working in pharma, medical fields, genetic research and even biodefense. The aim of this park is to foster the growth of this sector in Dubai and to utilize the region's talent in addressing this rapidly growing sector.
The International Media Production Zone is a project targeted at creating a hub for printers, publishers, media production companies, and related industry segments. This project was launched in 2003 and is estimated to be completed by 2006.
Immigrants have been pouring capital into Dubai in the past several years, greatly contributing to the city's prosperity. Iranian expatriates alone are estimated to have invested up to $US 200 Billion in Dubai.[10]
Dubai interests have also purchased large amounts of real estate in foreign countries, in particular snapping up trophy properties in global centers like New York and London; a typical purchase in 2005 was New York's 230 Park Avenue (formerly known as the New York Central Building or the Helmsley Building) and Essex House on Central Park South.
See the Dubai Department of Tourism and Commerce Marketing's list of developments [11] in Dubai for more information.
Information courtesy of Wikipedia
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