Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Prime Minister of the UAE and Ruler of Dubai (AFP/Getty)
Sheikh Mohammad also plans to build a new multi-billion dollar project called Mohammad Bin Rashid City, to be built by Dubai Holding and Emaar Properties in what is being described as the biggest real estate joint venture in the region.
No value has been given for the project but plans include building the world's biggest shopping mall, a Universal family theme park and a park that is a third bigger than Hyde Park in London.
CBRE Middle East head of research Mat Green said there was clear momentum in Dubai’s real estate sector.
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“The recent announcement highlights a clear strategy from the Dubai Government to improve the emirates tourism offer as it aims to be more competitive on the global tourism stage,” he said.
“This strategy will see the launch and completion of various new leisure drivers such as ‘Bluewaters’, which are aimed at widening the overall appeal of Dubai as a tourist destination, whilst also underpinning the long term attractiveness of the emirate.
“We are likely to see further announcements over the course of the year as local developers look to exploit improving market sentiment and growing investment activity in the country.”
Construction of the Bluewaters Island project is due to start in April, 2013, with the Dubai Eye scheduled for the second quarter of 2013.
Hyundai Contracting and Starneth Engineering have been appointed as primary contractors for the design and construction of Dubai Eye.
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