Dubai presses on with plans for $20 billion development
Despite the financial difficulties being endured in Dubai, due to rapidly declining prices of oil, Dubai has decided it’s in their best interests to continue with plans for the $20 billion project. The building area is due
to be situated just off the city’s busiest highway. The first phase of the development is going to begin in the summer of 2017.
Here are a number of key facts for the first phase:
• Cost – $6.5bn
• 15 hotels
• 18 residential buildings
• 2’800 hotel rooms
• Five parks
• 1 shopping mall
“We will be responding to market needs and we’ll also respond to capital, because when capital comes it means investors thought about the market,” Parker told reporters on Sunday. The developer is
exploring all funding options, including loans and bonds, and is currently in talks with investors on almost all of the 69 projects within the first phase, he said.
Guest contributors are welcome at the Alloy Wiki.It is a weekly wiki and guide on alloy information and processing technology, while also about the vast array of opportunities that are present in manufacturing. Our team of writers consists of a Machining Material Supplier / Machinist / Tool and Die Maker, a Biomedical Engineer / Product Development Engineer, a Job Development Coordinator / Adjunct Professor, and a President and CEO of a manufacturing facility. Looks like Dubai have no intention of slowing down their tourism rates, with such large investments in accommodation and public amenities.
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