- November 14, 2018
- Posted by: Waqas Siddiqui
- Categories: Business & Economy, Hospitality & Tourism, Others
Dh 8 Billion Bluewaters Island Opens In Dubai
Dubai – Finally, the wait is over as Bluewaters Island featuring the world’s largest observation wheel – Dubai Eye (Ain Dubai) is opened to public by the property developer Meraas. Located across Jumeirah Beach Residence (JBR), the Dh 8 billion Bluewaters project features a healthy mix of residential, retail and hospitality spaces. Nonetheless, the island’s major attraction remains to be the iconic Dubai Eye, which stands at 250 meter tall and has the capacity to carry up to 1,400 visitors at a time, in its 48 capsules.
The residential area of the Bluewaters Island comprises of 10 mid-rise towers featuring nearly 700 apartments and handful of penthouses and townhouses. The residential area also includes amenities like gyms, swimming pools and play area for children along with 32 retail outlets. By Q1 2019, the developer expects the island to be occupied by the residents.
The retail area of the island named as The Wharf features 132 low-rise retail outlets and stores, which includes bistros, cafes and restaurant facing the waterfront. According to the developer, more concepts are expected to open in next few months in Bluewaters Island, as the location is one of the most sought-after in Dubai. Nearby areas (JBR & Marina) attracts large number of tourists on annual basis.
The hospitality area of the island will feature five-star Caesars Palace featuring hospitality accommodations (495 rooms & 80 serviced apartments) and the 500-seat theater (The Rotunda Center). The island will also feature the Caesars Resort Bluewaters Dubai comprising of 300 rooms, six restaurants and an event hall.
Dubai Bluewaters Island – A Major Destination to Invest
Driven by modern design, unique architecture and strategic location, Bluewaters Island is considered to be key destination for future investments among regional and international investors especially in the real estate, food & beverage (F&B), hospitality and leisure segments.
UAE – Investment Opportunities & Growth Drivers
The business environment in Dubai and UAE is very conducive for investment as the country offers some of the most affluent consumers in the world along with business friendly regulations and policies. In addition, the UAE GDP is expected to grow by 4.2 per cent in 2019 on account of rising oil outputs and fiscal stimulus. Likewise, World Expo 2020 preparations are in full swing, which is likely to boost economic activity in Dubai and UAE.
Earlier this month, UAE rose to 11th position in World Bank’s Ease of Doing Business 2019 index from the 21st position it held last year. Considered as the second largest economy in the Arab world, UAE is fast implementing new reforms to ensure economic development and business activity in the country. Consequently, both Dubai and UAE could be considered as one of the most high potential destination for future investments.
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