Dubai approved plans to create an island at a cost of $1.6 billion in the midst of the largest rotating wheel in the world where the Emirate continues to build expensive projects with little years of prosperity.
There are already in the UAE luxury real estate projects, including artificial islands in the form of a palm and the tallest tower in the world, which are projects built depending on massive loans that caused the credit crisis in the emirate in 2009.
Hyundai Construction and Engineering were selected to take part in building the London Eye wheel as main contractors for the design and construction of Eye of Dubai.
After severely damaged Dubai credit crisis and the real estate collapse in 2008 began the Emirate is witnessing a gradual recovery due to its activities in the sectors of transport, logistics, trade and tourism, and it also benefited from the status as a safe haven amid the Arab Spring uprisings.
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