Bluewaters Island project approved by Dubai leaders

A spectacular new AED 6 billion development that has the potential to attract millions of tourists to Dubai every year has been approved by the city's leaders.His Highness Shaikh Mohammad Bin Rashid Al Maktoum has given the green light to the huge Bluewaters Island project, which will be built off the coast of the Jumeirah Beach Residence.One of the standout features of the region will be the brand new Dubai Eye - the largest Ferris wheel in the world.Standing at 210m, the wheel will offer amazing views across the whole of Dubai.Bluewaters Island will also boast a plethora of top-class hotels, shops and residential space. It is expected to become one of the most sought after tourism hotspots on the planet and will be connected to the mainland by a road into Sheikh Zayed Road, as well as a monorail system.A statement by state news agency WAM said: "The world's largest Ferris wheel will prove a must-visit experience for visitors and residents in the UAE and articulates Dubai's long-term vision to be a key tourism hub in the world."It is amazing projects such as this that make Dubai property investments so attractive to real estate traders all around the world.Details of the stunning Bluewaters Island venture emerged just a matter of days after His Highness told reporters that Dubai will continue to set new benchmarks when it comes to property development.Although the emirate's real estate sector has recovered well in the past 12 months, some people have questioned the feasibility of mega-projects like Mohammed Bin Rashid City, but Mr Al Maktoum is adamant that the emirate will get bigger and better."If we do not accept risk, we will not accomplish. We must embrace positivity, determination and the will to achieve," he remarked.Work on Bluewaters Island will commence soon and property investors from all four corners of the globe will be intrigued to see how the ambitious development shapes up.Click here for your free property investment guide