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During the 2008 credit crisis, the Palm Jebel Ali project was canceled, causing numerous investors to face uncertainty and unresolved issues. However, recently, the ruler of Dubai has given approval for a new development strategy for the Palm Jebel Ali, which is the largest among the distinctive man-made palm-shaped islands in the city.
Following its suspension due to the financial crisis, the project will now be implemented as part of the Dubai 2040 Urban Master Plan. The revitalized Palm Jebel Ali will boast an impressive array of over 80 hotels and resorts, offering luxurious beachfront residences to around 35,000 families. Reports indicate that it will extend the coastline of the emirate by approximately 110 kilometers (68.35 miles)
The revival of this ambitious project is happening at a time when Dubai’s property market is experiencing a strong recovery. As the commercial capital of the United Arab Emirates (UAE), the demand for properties in Dubai has been reaching unprecedented levels, largely driven by a surge in the number of newcomers. Consequently, real estate prices have skyrocketed in response to this heightened demand.
Over the course of the next ten years, Dubai has set a target to achieve a twofold increase in the size of its economy, aiming to establish itself among the “top 3 economic cities globally.
Nevertheless, there are still numerous investors who had purchased homes on Palm Jebel Ali, but unfortunately, the construction never materialized. For these investors, various options were provided as a resolution. Some were offered the opportunity to exchange their investments for alternative properties, while others were given the option to receive refunds for the amounts they had initially paid to the developer before the project came to a halt in 2009.
Additionally, there is reportedly a chance for investors to reinvest their funds into the revitalized Palm Jebel Ali. However, it should be noted that in this scenario, investors will only receive partial compensation due to the anticipated significantly higher prices on the island compared to the original project’s launch two decades ago.
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