The $6 billion Dubai Pearl megaproject was announced in 2002. Due to a change of management and various delays, the project has been at a standstill for 16 years - an eyesore directly in front of the Palm Jumeirah.
In a prime location in front of the Palm Jumeirah, between Dubai Media City and the Knowledge Village, a "city within the city" was to be created. Four towers were to be developed, grouped around a large podium and connected at the top. The project was to house a total of 1,500 apartments, seven five-star hotels, restaurants, offices as well as retail stores.
It is a sad sight to see the ruined building - an exposed concrete core with rusted steel framework. Investors who invested in the project have repeatedly tried to reclaim their investment to no avail.
Now, a Canadian hotel company called MOON has announced interest in the Dubai Pearl. As Micheal Henderson, co-founder of Moon World Resorts explains in a newspaper article, Dubai Pearl would be a perfect location for Moon Dubai. If Moon receives the necessary investment, then the resort should be ready for construction in four years.
Who would have thought that a trip to the moon might now be possible soon and that there might be a happy ending after all!
We are curious... Anyway, we have seen that work is going on again on the ruined building. It looks like a demolition of the project. We hope that this eyesore will soon be forgotten and a new as well as exciting project will emerge.
As always, we will keep you updated.... 😊
We wish you a great weekend. ☀️
Best regards from Dubai!
Your Terra NovaReal Estate Team