Nuevos proyectos en Dubai
Phase one of $2.7bn Dubai theme park to open in 2014: Jebel Ali project slated for 2014 will include Bollywood and Hollywood amusements
This year alone, eleven huge projects have been announced. It is worth listing them: Mohammed Bin Rashid City; Meydan’s new development across the Nad Al Sheba landscape; Madinat Jumeirah expansion; Meydan Tower; Taj Arabia; Business Bay Canal Project; Dubai Theme Park; World Discus Hotel; Habtoor Palace; The Dubai Modern Art Museum and Opera House District, and the relaunch the iconic QE2 cruise liner as a 300-room luxury floating hotel.
Now I know what you are going to say. Are these really going to happen, and if so, who is going to pay for them? It appears Dubai will not have to depend on global financial markets to fund large-scale projects as it has access to sufficient funding from within the UAE, the head of Dubai Economic Council told reporters last week.
Hani Al Hamli explained: “We do have our own resources and way to finance… We are sure that these projects will be achieved. We have our own resources in the emirates. I don’t want to disclose… This is managed by the finance department. When it comes to resources, we are part of the UAE and we have our own networks… There [are] neighbours who have massive natural resources. At the end of the day, [in] the UAE there is solidarity and a good governance and leadership.”
In other words, there will be no racking up of billions of dollars of debt to fund these projects, notably the fabulous plans for Mohammed Bin Rashid City. It also gives great comfort to see that Emaar — surely the only property developer to have its creditability 100 percent intact after the crisis — will be behind this project.