HH Shaikh Mohammad Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, gave the go ahead last month to plans for the Dh6 billion ($1.6 billion) Bluewaters Island development, a new island project featuring the world’s largest ferris wheel at its centre, as the emirate resumes constructing extravagant projects reminiscent of its boom years, it was reported by Reuters.
The mega project is will be located off the Jumeirah Beach Residence coastline and is poised to emerge as one of the largest tourist hot spots in the world.
The emirate is already home to lavish property landmarks such as manmade islands in the shape of palms and the world’s tallest tower, projects which were built using high amounts of leverage and which triggered its 2009 credit crisis.
A key feature of the project will be the 210 m high ferris wheel, the Dubai Eye. The wheel, which will cost one billion dirhams, is inspired by the 135 m high London Eye on the River Thames.
Dubai Eye will offer breath-taking views of Dubai’s coastline and iconic landmarks such as Burj Al Arab, Palm Jumeirah and Burj Khalifa. The base of the wheel will serve as an entertainment and retail zone encircled by a promenade that will feature various dining outlets. The project will also feature a five-star hotel and several residential buildings.
State-owned Meraas Holding will develop the Bluewaters project, which will begin construction in April, state news agency WAM said. Building on the Dubai Eye is slated to begin in the second quarter this year.
South Korea’s Hyundai Contracting and Starneth Engineering - whose engineers helped build the London Eye - have been appointed primary contractors for the design and construction of Dubai Eye.
In November 2012, Meraas was chosen to develop a Dh10 billion complex of five theme parks, including one focused on India’s Bollywood cinema industry, as Dubai bids to boost its tourism sector.