His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has given a go ahead on various projects including the new hotel worth $1.5 billion to be built in Palm Jumeirah. On completion of all the projects, it will contribute to 10 percent of the national economy.
Accompanied by Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Shaikh Mohammed was briefed on the design and master plan for the projects by the Director of Dubai Ruler’s Court and ICD CEO Mohammed Ibrahim Al Shaibani and a team of engineers.
The new hotel named Royal Atlantis Resort will consist of 800 rooms, suites and 250 luxurious hotel apartments. It will cost around $1.5 billion and including entrainment and recreational facilities for the resort.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai was also briefed for other projects in Dubai including the One Zabeel project and Warsan project.
It will open new opportunities for Dubai and gain more investors trust in Dubai. Many experts are anticipating revival in Dubai real estate market because of the new projects.
All the latest projects are set to complete before Expo 2020. It will represent the whole new Dubai to the world with more progressive growth.
It is anticipated that the real estate market will be positively affected by the latest project announcements.