New man made island in Dubai will have world’s tallest ferris wheel

Plans for a new US$1.6 billion island project featuring the world’s largest ferris wheel at its centre has been approved in Dubai.

It will join the other lavish man made developments that have been characteristic of the emirate including the Palm and the World.

It is being seen as a sign that Dubai’s property market is well on the way to recovery after a tough few years when prices dropped by up to 60% in certain locations.

The Bluewaters Island development will feature a 210 metre high ferris wheel to be called the Dubai Eye. The wheel, which will cost one billion dirhams, is inspired by the 135 metre high London Eye on the River Thames.

State owned developers Meraas Holding will develop the project with construction due to start in April and work on the ferris wheel due to start in the second quarter of this year.

South Korea's Hyundai Contracting and Starneth Engineering, whose engineers helped build the London Eye, have been appointed primary contractors for the design and construction of the Dubai Eye.

Meraas is also developing a 10 billion dirham complex of five theme parks, including one focused on India's Bollywood cinema industry, as Dubai bids to boost its tourism sector. It is hoped that the wheel will attract three million visitors a year when it opens to the public in 2015.

‘The Dubai Eye will distinctively dominate the Dubai skyline. This project will continue to build on the emirate's reputation as a leader in the global entertainment and retail landscape,’ said Abdullah Al Habbai, chairman of developers Meraas Holding.

‘We have a clear mission and vision to strengthen Dubai’s global position in the tourism sector. This project will continue to build on the emirate’s reputation as leaders in the global entertainment and retail landscape. Through Meraas’s continued investment into similar mixed used developments, we aim to draw sustained investment and tourism from around the world,’ he added.