Dubai’s ruler approved a new development plan for the largest of the city’s famous palm-shaped artificial islands, reviving a project that was halted amid the global credit crisis of 2008 and left hundreds of buyers in limbo.
The new master plan for Palm Jebel Ali will include 80 hotels and resorts, and add 110 kilometers (68.351 miles) to the emirate’s coastline, according to the Dubai Media Office. The project, which hopes to house as many as 35,000 families, so is likely to feature luxury mansions and apartments. Roughly a third of its public facilities will be powered by renewable energy.
The project’s revival comes amid a rebound in the emirate’s property market, which has benefitted from an influx of newcomers that’s helped end a seven-year slump and sent real estate prices and rents soaring. Still, the announcement is likely to highlight the plight of hundreds of investors who bought homes on Palm Jebel Ali that never got built.
State-owned developer Nakheel PJSC first unveiled Palm Jebel Ali Fronds and The Palm Jebel Ali Water Homes in 2003. The project, about 50 kilometers from downtown Dubai, has 17 palm leaves and was meant to host marinas, a theme park, beach-side villas and a thousand homes on stilts that spelled out a poem by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, according to reports at the time.
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