Bloomberg reports on the revival of the Palm Island project in Dubai after 14 years of downtime. The new plan was approved by Mohammed bin Rashid Al Maktoum, the emirate's ruler. In light of the economic recovery, the initiative has become urgent.

“Palm Island” is the construction of an island complex off the coast of Dubai. The project plans to add 110 kilometers to the emirate's coastline. Also, 80 new hotels will be built on the island, and many resort programs will be introduced. It is expected that the island will be able to accommodate up to 35 thousand families.

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Recall that the first phase of the project was launched in 2001, but its implementation was put on pause in 2008 due to the global economic crisis—then hundreds of investors were in an uncertain situation as their money was actually frozen. The project is being resumed at a time of active development of the real estate market in Dubai—in 2022, there were a record 90,000 transactions.