The government's decision to diversify from an oil-based economy, and to make Dubai the main hub of tourists in the world, has made and other developmental projects such as Dubailand, more valuable, resulting in the property boom from 2004 to 2007. There are over 1,500 major freehold developments and communities in Dubai.[1] Construction on a large scale is a part of Dubai Strategic Plan 2015[2] unveiled by Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, to maintain economic growth and to put Dubai on the map of the world, and a tourist destination of the world.[3] Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or will be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which is 25% of cranes worldwide, were operating in Dubai in 2012.[4] Currently multibillion-dollar construction projects are taking shape in Dubai.[5]
Great Recession
However, due to the Great Recession, several mega projects were put on hold, including Palm Islands, Dubailand, the Arabian canal, Dubai Exhibition City, The Lagoons, Jumeirah Garden City. Apart from this many supertall skyscrapers have also been put on hold that includes Pentominium, Burj Al Alam, Marina 106, and Dubai Towers Dubai. Construction on Palm Jebel Ali and The World Islands were expected to be resumed in 2010, however recommencement has been further delayed.[6][7] Construction on other halted projects was thought likely to be resumed in 2011.[8]
Recovery from the Great Recession
A report published by Forbes on October 22, 2012, says Dubai recovered faster from the Great Recession faster than most other countries and now its economy is growing in a higher rate than its counterparts because of its zero tax policy and economic free zones. The estimated GDP growth rate of Dubai in 2012 was 4.5%.[9] The growth was mainly driven by the tourism, commerce and industrial manufacturing sectors.[10]
According to the UAE's Ministry of Finance, Dubai's government has allocated 32.3 billion dirhams ($8.8 billion) for infrastructure projects in 2012, marking a return to big spending on such projects as some of these projects had been stalled due to lack of funding.[11]
In November 2012, Sheikh Mohammed bin Rashid Al Maktoum announced fifteen new projects worth more than $187 million.[12] These projects are a part of the municipality's 2013 to 2015 strategic plan of Dubai.[13]
Mixed use developments
Dubai Marina Jumeirah Lake Towers under construction in 2007
Other projects
Business Bay in 2012Skyline of Business Bay, Dubai as seen from Safa Park
[ Canada business tower in Dubai ]
Artificial reclaimed islands developments
Aerial view of Palm JumeirahThe World Islands in 2010
Bridges
The site office and showroom, Dubailand sales center, March 7, 2006
Notes
A.^ Construction is currently on hold due to lack of finances.
B.^ Project is currently in planning stages.
C.^ Only 22 out of 200 sub-projects of Dubailand are under construction.
D.^ Approved; construction will start in April, 2013.
^"Real Estate Projects in Dubai". Lookup.ae. 2015-03-26. Retrieved 2015-03-26.
^"Dubai Strategic Plan 2015 pdf" (PDF).
^"H.H. Sheikh Mohammad unveils highlights of Dubai Strategic Plan (2015) - Dubai...Where the Future Begins | Dubai Strategic Plan 2015". AMEinfo.com. 2007-02-26. Retrieved 2011-12-13.
^"gulfnews : Dubai has 30,000 construction cranes". Archive.gulfnews.com. 2006-06-18. Archived from the original on 2009-02-02. Retrieved 2011-12-13.
^"Dubai Mega Projects 2024 - Journey Through Dubai's Iconic Mega Projects". 2024-06-22. Retrieved 2024-06-26.
^Spencer, Richard (17 December 2009). "Dubai: Developer says work to resume on The World islands". The Daily Telegraph. London. Retrieved 8 May 2010.
^ a bSarah Blackman. "Palm Jebel Ali enabling works to be awarded soon". ConstructionWeekOnline.com. Retrieved 2011-12-13.
^"Saudi's Tanmiyat to resume UAE developments in 2010 - The National". Thenational.ae. Retrieved 2011-12-13.
^"Dubai has recovered faster because of zero tax economic free zones". Forbes.com. Retrieved 30 March 2013.
^"Dubai growth is mainly driven by the tourism". Al-shorfa.com. Retrieved 30 March 2013.
^"المشارق".
^"Dubai Mega Projects 2024: Journey Through Dubai's Iconic Mega Projects". 2024-04-04. Retrieved 2024-04-05.
^"Dubai Ruler approves $187mn in projects - Big Project Middle East". Archived from the original on 2013-06-28. Retrieved 2013-02-15.
^ a b"Meraas Development launched Dh350 Billion Jumeirah Gardens". Dubaichronicle.com. 2008-10-07. Archived from the original on 2009-02-16. Retrieved 2011-12-13.
^ a b"Meraas cuts back Jumeira Gardens - The National". 4 March 2009.
^"Al Maktoum International Airport". Zawya.com. 30 March 2013.
^"The Sustainable City, Dubai « 2016 UNEP FI Global Roundtable". www.unepfi.org. Retrieved 2017-06-01.
^Fahy, Michael: DIP-based companies reach 4,600 as investors take advantage of park’s proximity to Expo 2020 site, July 31, 2016, The National
^Badam, Ramola Talwar (August 2, 2018). "Schon property and funds seized over failure to deliver Dubai Lagoon development". The National.
^"Dubailand". Dubailand.ae. Archived from the original on 27 May 2008. Retrieved 30 March 2013.
^"Nakheel - Where Vision Inspires Humanity". Archived from the original on 2017-07-02. Retrieved 2013-02-16.
^"Samsung to build $354mn Dubai exhibition hall". Archived from the original on 2010-07-23. Retrieved 2014-01-05.
