The Palm Jumeirah, shown in this aerial photograph, is one of three man-made palm shaped islands. Palm Jumeirah is planned to have over 30 hotels.The Trump International Hotel & Tower is expected to begin construction at the end of 2007.
The Atlantis Resort and Palm Monorail are expected to be open by December 2008. Palm Jebel Ali will be the largest and final island.
By 2020, the Dubai Waterfront area combined with The Palm Jebel Ali will comprise a city of 1.7 million. “ It will have all the elements --- shopping centers, community facilities , marinas and many other attractions ,” says Chris O’Donnell, CEO of Nakheel.
A recent change -- Dubai offers freehold titles, giving foreigners the right to own property outright and buyers get title to their real estate.
Nakheel is the Dubai based developer that is rebuilding the image of Dubai. Whether it is the massive man-made palm-shaped islands ( nakheel means “palm tree: in Arabic) or developing an archipelago of 300 islands in the Arabian Gulf ( called The World ) that appear, when seen from above, as a map of the world, Nakheel is where the vision of Dubai gets built. Ireland is the latest island to have been sold to a developer, raising the percentage of islands sold to over 40 %.
The portfolio includes 16 projects totaling $ 30 billion over a land area of 2 billion S.F. ( that’s 45,913 acres , or 71 sections of land)
“ Dubai had positioned itself as the commercial hub of the Middle East and Africa. There are about 1.7 billion people within a 4 hour flying radius of Dubai, and it is one of the most attractive cities in the Middle East to live and work, “ says O’Donnell.
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“ Dubai had positioned itself as the commercial hub of the Middle East and Africa. There are about 1.7 billion people within a 4 hour flying radius of Dubai, and it is one of the most attractive cities in the Middle East to live and work, “ says O’Donnell.
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