Dubai will develop Downtown Jumeira, featuring observation decks, hotels and a 550 meter high tower called Burj Jumeira.
The project will be developed by Dubai Holding LLC, the investment firm owned by the emirate’s ruler, and is located nearby the iconic Burj al Arab hotel.
The Burj Jumeira tower will host large-scale events and will also give visitors an opportunity to take part in extreme sports.
Construction on Downtown Jumeira and the tower will begin immediately and phase 1 is expected to be complete in 2023. Development will include homes and office space, and multiple observation decks.
Dubai Holding is currently exploring investment opportunities abroad, after many years of selling assets and restructuring debt after a property-led crisis.
In 2017, plans were unveiled for a new integrated island resort at Jumeirah Beach, near Burj Al Arab, featuring an MGM branded hotel.
The 26-acre prime beachfrontsite will be developed and managed by wasl Asset Management in partnership with MGM Resorts International. Work is planned to begin in late 2017 and to complete in 2021.