Nakheel, the state-owned developer behind the Palm Jebel Ali, has relaunched development plans for it. Dubai saw 86,849 residential sales last year, beating a previous record of 80,831 from 2009. Rents on average across Dubai are up 26.9% year-on-year, even with anti-price-gouging protections. Now nearly 15 years later, Dubai largely has turned around. The Pearl and the Palm Jebel Ali represent two “white elephant” projects left over from the 2009 financial crisis that rocked the sheikhdom and forced Abu Dhabi, the capital of the United Arab Emirates, to provide Dubai with a $20 billion bailout. Others have placed it at the Dubai Pearl, a long-dormant project now being destroyed near the man-made Palm Jumeirah archipelago, and on its unfinished sister, the Palm Jebel Ali. Henderson discussed the project at the Arabian Travel Market earlier in May in Dubai.Īlready, artist renderings commissioned by Moon World Resorts have played with the location for his MOON - including at the Burj Khalifa, the world's tallest building at a height of 828 meters (2,710 feet). The MOON would sit on a pedestal-like circular building beneath it and would glow at night. The project Henderson proposes includes a destination resort inside the spherical structure, complete with a 4,000-room hotel, an arena capable of hosting 10,000 people and a “lunar colony" that would give guests the sensation of actually walking on the moon. ![]() “Eight billion people know our brand, and we haven’t even started yet." ![]() “We have the biggest ‘brand’ in the world," Henderson told The Associated Press, alluding that the moon itself - the heavenly body - was his brand. Dubai already has a red-hot real estate market, fueled by the wealthy who fled restrictions imposed in their home countries during the coronavirus pandemic and Russians seeking refuge amid Moscow’s war on Ukraine.Īnd even though a previous booms-and-bust cycle saw many grand projects collapse, Henderson and others suggest his vision, funded by Moon World Resorts Inc., where he is the co-founder, might not be that far-fetched. Henderson's project, dubbed MOON, may sound out of this world, but it could easily fit in this futuristic city-state. DUBAI, United Arab Emirates - Who says you cannot reach for the moon? A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights - by bringing a symbol of the heavens down to Earth.Ĭanadian entrepreneur Michael Henderson envisions building a 274-meter (900-foot) replica of the moon atop a 30-meter (100-foot) building in Dubai, already home to the world's tallest building and other architectural wonders.
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