Dubai Mega Projects in 2015

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Dubai Mega Projects in 2015

Watch out for these Dubai mega projects in 2015

Dubai developers left no stone unturned as they announced multi-billion dirham master developments and real estate projects that will change the landscape of the emirate in the coming few years.

The biggest of the all was Dubai Holding’s announcement of Dh25-billion Mall of the World, which is set to break ground early 2015. The mall will be completed in different phases that will take 10 years to complete.

As Dubai prepares to host Expo 2020, which will run from October 2020 to April 2021, Dubai Parks and Resorts, a Meraas Holdings’ subsidiary, revealed plans for three theme parks, construction on which has already started.

Damac Properties announced plans for Akoya Oxygen, a 55 million square feet master development that will now have a golf course designed by Tiger Woods.

Watch out for some of these mega projects below:

Mall of the World

The first phase of Dh25-billion Mall of the World will overlook Sheikh Zayed Road and will be completed in three years’ time once the ground is broken in 2015, Khalfan Belhoul, Vice President, Strategy, Dubai Holding had announced in October.

The 48-million square feet climate-controlled development will house a shopping mall with an area of eight million square feet, the world’s largest theme park, which will be covered by a glass dome that will be open during the winter months, a wellness dedicated zone, a cultural district and a range of hospitality options comprising 20,000 hotel rooms.

Akoya Oxygen

In August, Damac Properties launched Akoya Oxygen, a golf-centred project in Dubailand. Spread over 55 million square feet, it will include residential projects surrounding a championship golf course being designed by Tiger Woods.

It will also feature retail and hospitality products including a five star hotel and a luxury wellness centre featuring yoga programmes, herbal treatments, diet control and exercise; leisure & entertainment offerings, and organic marketplaces.

Dubai Theme Parks

In September, Dubai Parks and Resorts, a subsidiary of Meraas Holding, announced it had started work on its three theme parks – Motiongate, a Hollywood inspired theme park concept based on major DreamWorks Animation and Sony Pictures; Legoland Dubai, the first Legoland theme park in the Middle East; and Bollywood Parks, an entertainment destination that will showcase the authentic Bollywood movie experience.

The parks are anticipated to be completed by third quarter of 2016 with total estimated number of visits in the first full year of operation (2017) expected to stand at 6.7 million, according to company’s IPO prospectus. The parks are likely to be linked to Dubai Metro and other rail links in the future

Source: Emirates 24/7

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.