Dubai 'witnessing fresh building boom'

06/12/2012 - Dubai Property News Posted by Neil King
Dubai 'witnessing fresh building boom'
The announcement of several major construction projects has led experts to claim that a new building boom is now underway in Dubai.A number of large-scale developments that were placed on hold amid the global economic downturn have recently been relaunched, although the focus of many developers has now shifted from housing to the entertainment and tourism sectors.Sheikh Mohammed bin Rashid al-Maktoum, Dubai's ruler, has ordered the construction of a new city development that will provide leisure facilities for up to 35 million visitors.Expected to cost up to $10 billion, the project will include 100 hotels and the world's largest shopping mall. Known as Mohammad Bin Rashid City, the development will also feature a huge park area that is expected to be 30 per cent bigger than London's Hyde Park.The shopping complex, dubbed the Mall of the World, will be capable of serving 80 million visitors a year.When announcing the project, Sheikh Mohammed said "the current facilities available in Dubai need to be scaled up in line with the future ambitions for the city".Other schemes in the works include the expansion of Dubai Airport and the construction of a Bollywood theme park.The fresh wave of building in Dubai has drawn comparisons with the previous property boom, which began during the 1990s and culminated with artificial islands, a string of high-end hotels and the Burj Khalifa, the world's tallest skyscraper.Dubai's tourism sector is still growing rapidly, with figures from the Department of Tourism and Commerce Marketing indicating that the number of visitors staying at hotels in the emirate increased by ten per cent to reach 9.3 million in 2011.A major expansion plan has been announced by Dubai Airports, which operates the emirate's aviation hub. It will spend $7.8 billion to boost the airport's capacity from 60 million to 90 million passengers per year by 2018.Click here for your free property investment guide