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Analysts say the string of high-profile projects announced in Dubai in recent weeks reflects the growing strength of the emirate’s property and tourism sectors but they also caution that developers are likely to face challenges in delivering some of these projects to the market.
The recent spate of announcements in Dubai has sparked debate about whether the government has reverted to an over-exuberant mindset that was prevalent during the boom years and which eventually led to the property market crash.
The largest of the new projects to be unveiled was Mohammed Bin Rashid City, which consists of 100 hotels, the world’s biggest shopping mall and a Universal Studios theme park. Dubai quickly followed up that announcement with the unveiling of plans for a new $2.7bn entertainment complex in Jebel Ali that will feature five theme parks. Other projects that have been announced in recent months include a $1bn replica of the Taj Mahal and a canal connecting the city’s business district to the sea.