< PreviousPROPERTY GIANTS 30 AB Property Giants — January 2024 The UAE is currently undergoing massive transformation as a series of groundbreaking megaprojects are set to reshape the nation’s landscape. With a clear vision set for the next decade and beyond, the UAE is paving the way for a future char- acterised by innovation and progress. From iconic structures to advanced urban planning, these upcoming devel- opments are poised to redefine the UAE’s economic, social, and cultural fabric – as it reaches its goal to become one of the world’s top three best cities to live and work in. That said, here is a look at some of UAE’s upcoming megaprojects aimed at transforming the nation over the next 10 years. Dubai Creek Tower In August 2023, Emaar founder UAE megaprojects: Upcoming developments set to transform the nation We take a closer look at the upcoming projects that will shape the UAE over the next decade Mohamed Alabbar revealed that the Dubai Creek Tower project is “currently in the process of being redesigned,” according to a statement by Emirates News Agency (WAM). Alabbar revealed that the Dubai Creek Tower’s construction is expected to begin within the year. Emaar Properties and an interna- tional rm will collaborate to develop a fresh concept for the project over the next seven to eight months. However, it is “unlikely” to be the tallest structure in Dubai, the founder told Arabian Business in an exclusive interview. “A lot of work is still going on the redesign, I’m not sure it will be the tall- est tower in Dubai. We have to always look at our bottom line and deliver value to our customers and our share- holders,” Alabbar said at the time. The initial design of the tower, which was intended to be 100 metres taller than the Burj Khalifa and serve as the focal point of the Dubai Creek Harbour development, included cable ties. However, construction was halted after the foundation was laid in 2017 due to the impact of the pandemic. “There is not a set timescale for this. I have to be happy with the redesigns,” Alabbar told Arabian Business. Etihad Rail passenger train In 2022, Etihad Rail unveiled a proto- type of a passenger train during the UAE’s 51st National Day celebrations on December 2. The train is part of Etihad Rail’s plans to transport heavy goods initially and later accommo- date millions of passengers by 2030, resulting in reduced travel time between cities. The Dubai Creek Tower project is currently in the process of being redesigned The number of passengers at Etihad Rail is expected to reach more than 36.5 million annually by 2030arabianbusiness.com 31 PROPERTY GIANTS With a maximum speed of 200 kilo- metres per hour, the Etihad Rail has the potential to cut travel time between Emirates in half. By 2030, it is esti- mated that “the number of passengers is expected to reach more than 36.5 million annually,” Etihad Rail said in a statement. The passenger service, which is expected to begin operations by 2030, will have stations spanning from Sila near the Saudi border to Fujairah on the East Coast. Commuters will be able to travel from Abu Dhabi to Dubai in 50 minutes, and from Abu Dhabi to Fujairah in 100 minutes, according to the statement. Etihad Rail is collaborating with the Federal Transport Authority and other transportation authorities across the UAE to enhance passenger connections and further develop the existing network. Burj Binghatti Renowned Dubai-based property developer Binghatti has partnered with luxury jewellery company Jacob & Co to construct what they claim will be the tallest residential building in the world. While the final height of the skyscraper in Business Bay has not been disclosed, the current record is held by New York’s Central Park Tower at 472.4 metres. The Princess Tower, standing at 393 metres, is currently the tallest residen- tial tower in Dubai. The new residential complex, spanning over 100 oors, will o er two and three-bedroom residences in the Business Bay area. The development, known as Burj Binghatti Jacob & Co Residences, will feature extravagant amenities such as an infinity pool with panoramic views of the Dubai skyline, as well as an in-house concierge service offer- ing private chefs, bodyguards, and chauffeurs. The design of the tower was created in collaboration with watch manufac- turer Jacob & Co, and it will also include a private member’s club and high-end penthouses. Eywa Dubai R.evolution has announced their latest real estate project in Dubai called Eywa, which draws inspiration from the banyan tree. This luxury residential develop- ment aims to rede ne urban living in Dubai and will be the rst project of its kind in the UAE for R.evolution, a prominent European real estate devel- oper. Eywa will consist of 48 waterfront residences ranging from two to five bedrooms, with sizes ranging from 3,064 to 16,256 square feet. The location of the development along the Dubai Water Canal offers views of the water, Downtown Dubai, and the iconic Burj Khalifa. The architectural design of Eywa is also inspired by the Southern Sky Column, a quartz sandstone mountain in Zhang- jiajie National Forest Park, China. The unique design elements include circular open columns, inter- twined branches, and interlacing roots. R.evolution aims to create a sense of “wild luxury” that allows residents to connect with their surroundings on a deeper level. Eywa will o er a range of state-of- the-art facilities and amenities, includ- ing shared and private spaces, such as a chef’s table, library, private waterfalls, and hammocks. The development will feature high-quality finishes, well-planned spaces, spacious bathrooms, and kitch- ens equipped with premium appliances to provide residents with a luxurious living experience. The design and architecture of Eywa are being handled by Open AD and Brewer Smith Brewer Group (BSBG). Christie’s International Real Estate Dubai is the exclusive real estate broker for the project. The Island The Island in Dubai is an ongoing construction project in the hospitality and leisure sectors. It is being developed by wasl Hospi- tality & Leisure and will introduce renowned Las Vegas hotel brands MGM, Bellagio and Aria to the Middle East. The project, designed by UNStudio, is located on a man-made island span- ning 26 acres and will feature over 1,400 hotel rooms, suites, and apart- ments, along with various amenities such as retail outlets, dining options, The Island is being developed by wasl Hospitality & Leisure and will introduce renowned Las Vegas hotel brands MGM, Bellagio and Aria to the Middle East Eywa Dubai aims to rede ne urban living in the emiratePROPERTY GIANTS 32 AB Property Giants — January 2024 and entertainment venues. BSBG is involved as the lead consultant, execu- tive architect, and structural engineer for the project. The Island aims to enhance Dubai’s appeal as a global holiday destination and includes components like resort hotels, a beach club, a multi-purpose entertainment venue, F&B experiences, retail spaces, a lagoon, children’s entertainment, and The Sphere. Wasl Tower The Wasl Tower, scheduled to open in the second quarter of 2024, is a unique and unconventional building that stands at a height of 302 metres. Once nished, the tower will boast a ceramic façade designed to create the impression of dynamic movement. The design of the Wasl Tower revolves around its Z axis, incorporat- ing the concept of “contrapposto” movement, which is commonly seen in classical art. This design element will give the tower the appearance of facing multiple directions simultaneously. It will comprise a total of 64 oors and o er various amenities, including 229 residential units, 258 hotel rooms, 185,345 square feet of o ce space, and 11 parking oors. In October 2022, Arabian Business reported that construction of the tower has progressed significantly, with structural works completed up to the 56th oor and the façade reaching level 13. The tower is being developed by the Wasl Asset Management Group. Baccarat Hotel and Residences Shamal Holding has revealed plans to introduce the Baccarat Hotel and Resi- dences to Downtown Dubai, with an expected opening in 2026. The skyscraper, designed by Studio Libeskind and 1508 London, will feature a glass façade, adding to the iconic skyline of the area. Originally launched in New York in 2015, the Baccarat Hotels and Resi- dences will mark its debut in Dubai. Taking inspiration from crystalline structures, the residences will offer stunning views of renowned landmarks such as the Burj Khalifa, Al Fahidi Fort, the Dubai Frame, and the Dubai Creek. Tower One will house the hotel, which will comprise 144 rooms and suites, while the residences will consist of 49 rooms and also include four dining outlets. SH Hotels and Resorts will manage the property, and Shamal Holding will collaborate with H&H Development, a Dubai-based developer, real estate investor, and asset manager. Dubai Metro Blue Line masterplan In November 2023, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved the new Dubai Metro Blue Line, a 30km route with 14 stations linking major areas by 2029. The line aims to accommodate the growing population outlined in Dubai’s 2040 urban master plan. Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum launched the project during a ceremony at Dubai Creek Harbour. The Blue Line will link the Red and Green lines, running from Al Rashidiya to Dubai International Airport through districts like Dubai Silicon Oasis and Dubai Festival City. It includes an iconic station designed by SOM at Dubai Creek Harbour. The line is expected to serve 200,000 passengers daily by 2030, increasing to 320,000 by 2040. It will cost an estimated AED56.5bn but yield economic and social benefits like reduced tra c and appreciated land values near stations. The new line is Dubai’s fifth metro project and will expand its railway network to 131km and 78 stations upon completion in 2029. It is a key part of Dubai’s transit and development vision for the future. Wasl Tower will boast a ceramic façade designed to create the impression of dynamic movement Baccarat Hotel and Residences is expected to open in 2026 The new Dubai Metro Blue Line with 14 stations will link major areas by 2029arabianbusiness.com 33 PROPERTY GIANTS Hatta redevelopment masterplan The Hatta Master Development Plan, part of the broader Dubai 2040 Urban Master Plan announded by the govern- ment, aims to preserve the area’s natural environment, enhance its tourism competitiveness and foster local entrepreneurship. It seeks to support domestic projects initiated by Hatta residents, stimulate tourism, and maintain the area’s unique geographical identity. The plan, rst announced in Octo- ber 2021, outlines the development of Hatta over the next two decades, with a focus on promoting well-being, creating investment opportunities, and transforming it into a year-round tourist destination. It includes improving public facil- ities and services, establishing a sustainable transportation system, and providing sustainable hotels to support tourism and sports activities. Private sector partners play a signi cant role in the rapid progress of development projects in Hatta, contributing investments and job opportunities. To oversee the development and governance of Hatta, a Supreme Committee will be formed in partner- ship with the private sector. Palm Jebel Ali In May, Dubai revealed plans for a major new project named Palm Jebel Ali, as announced by Sheikh Moham- med bin Rashid Al Maktoum, the devel- opment will cover an area twice the size of Palm Jumeirah at 13.4sq km. It aims to provide housing and facilities for around 35,000 families. Palm Jebel Ali will feature extensive coastline reaching 110km. Over 80 hotels and resorts will be constructed to support Dubai’s ambition to strengthen its tourism industry. Abundant green spaces and waterfront zones are included in the design. As part of Dubai’s 2040 urban blueprint, the project follows prin- ciples like walkable mixed-use neigh- bourhoods. Smart technology and sustainability practices will also feature to create an e cient community. Renew- able sources will fulfil 30 percent of energy needs once completed. The development forms part of Sheikh Mohammed’s vision to double Dubai’s economy by 2033. Palm Jebel Ali is expected to raise living standards while boosting real estate and tourism sectors over the coming years. Private sector partners play a signi cant role in the rapid progress of development projects in Hatta Palm Jebel Ali is expected to raise living standards while boosting real estate and tourism34 AB Property Giants — January 2024 Saudi Arabia’s new tourism law The new law aims to create a structured and regulated environment for Saudi Arabia’s tourism sector, providing clear guidelines, promoting collaboration, and enforcing compliance to ensure sustainable growth and protection of the kingdom’s tourism assets This article emphasises the criteria, requirements, and permits neces- sary for engaging in tourism activi- ties falling within the jurisdiction of the Ministry of Tourism. This includes the classi cation of activ- ities and the issuance of necessary approvals, permits, and licenses. The law aims to establish a clear and systematic process for entities to follow when practicing tour- ism-related activities. Outlining the process of identify- ing, allocating, and protecting tour- ist destinations, this includes setting environmental protection standards, specifying competen- cies and responsibilities of govern- ment agencies, and proposing the transfer or participation of the Ministry in speci c matters related to tourist destinations. The Ministry, in coordination with the Interior Ministry, is responsible for preventing and protecting resources and destinations from encroachment or harm. This section of the article outlines the procedures for issuing tourist visas, emphasising coordination between the Ministry, the Interior Ministry, and the Foreign Affairs Ministry. This article of the law details the nancial guarantees required for tourism activities, specifying condi- tions, amounts, and collection procedures. This includes obliga- tions to the Finance Ministry, third parties, and nes. Entities engaging in tourism activities are required to enter into an agreement with the Finance Ministry to provide the necessary nancial guarantees. Visa approvals for tourists Prohibition of actions harming tourism reputation Planning and protecting tourist destinations Criteria and requirements Financial guarantees for tourism activitiesNext >