Dubai—Dubai’s ruler declared that his company will launch a vast mixed-use development project that will create thousands of new homes and hotel rooms.
According to Developer Dubai Holding, the new “Jumeriah Central” district is expected to start in 2017, along the Sheikh Zayed Road, which is the city’s main business center. The project will sit across from the Mall of the Emirates, home to an indoor ski slope.
It’s estimated that the project would amount up to 20 billion. Plans call for 11,000 residential units, three shopping malls and numerous hotels, offices and entertainment attractions.
Despite the financial crisis in 2009, Dubai’s property sector managed to stay on its feet, and helped by an improving global economy and increased tourism as Dubai prepares to host the 2020 World Expo.