Dubai Pearl is one of the great “white elephants” of the city and began as an architectural promise that also had to be halted with the financial crisis of 2008. Dubai Pearl was a real estate project that was demolished near the artificial archipelago of Palm Jumeirah alongside Palm Jebel Ali, “its brother.”
The Pearl and Palm Jebel Ali were some of the failures of the time and demonstrate that not all projects in this destination had positive results. In this case, the collapse of these plans forced Abu Dhabi, the capital of the United Arab Emirates, to provide the city with a $20 billion bailout.
Dubai Pearl, the ambitious project that failed in the city.
Dubai Pearl stood as one of the many colossal buildings in Dubai. It was made up of four mixed-use towers connected at the base and by a sky bridge at the top. The structural design was carried out by the engineering firm eConstruct, and construction began in 2009. The project cost 4 billion, and its aim was to house 9,000 residents with a commercial sector intended to employ 12,000 people.
This enclave is a clear example of the moment when the real estate market in this area collapsed, leaving the city in debt and seeking assistance from Abu Dhabi to recover. According to economic analysts in the United Arab Emirates, this is one of the risks when investment and development are focused on a single area, where some ambitious programs and plans could not be sustained due to the crisis that jeopardized the entire territory. “This entire story highlights the risk posed to the whole economy of Dubai by focusing on high-end real estate development,” the experts stated.
The mystery of Ain Dubai, another declining project in Dubai.
In addition to Dubai pearl, Dubai also experienced a strange situation when ain Dubai, the largest observation wheel on the planet, ceased to operate a few months after its opening. This site is located on bluewaters island and has attracted attention for being idle and unused for some time.
While the reason for this stoppage is unknown, reports suggest that the enormous structure shook the ground when it rotated, causing real headaches for residents who even suffered damage to their windows because of it. Some also claim to fear that the foundations may have been compromised. standing at over 243 meters tall, ain Dubai was built to carry 1,400 passengers and offered private cabins for dining, corporate events, and elegant parties.
Why do some projects remain stalled in Dubai
The real estate boom in the city, which in the midst of the war in Ukraine, some multimillionaire businessmen saw as the ideal place to continue growing and investing. Projects remain on the agenda, and authorities announced in 2023 that a second Palm Island would be developed, which was also on hold, following the model of the world-renowned Palm Jumeirah.
Meanwhile, the enormous world’s fair or the Dubai Eye continue to offer LED light shows that can be seen from kilometers away. This show still provokes comments from Dubai residents who, upon seeing its majestic architecture, hope that it may open its doors again.
