Dubai shrugs off global turmoil with new mega projects

DUBAI, October 6, 2008 (AFP) – A Dubai government firm on Monday announced it will build a “new city” in the booming Gulf emirate at a projected cost of 95 billion dollars, shrugging off the global financial turmoil. The announcement came one day after Dubai developers Nakheel said it planned to build a tower which will stand more than one kilometre tall (3,280 feet), beating the city’s own world record.

The mixed-use Jumeirah Gardens development will be “an integrated city within a city,” to be built over 12 years, Meraas Development said at the opening of Cityscape Dubai 2008, a four-day international real estate fair.

Dubai, part of the oil-rich United Arab Emirates, already boasts the world’s tallest building, the yet to be completed Burj Dubai tower, which reached a height of 688 metres (2,257 feet) at the start of September and is still growing, according to developers Emaar.

It now boasts 160 storeys, the highest skyscraper in the world, Emaar said.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai’s main thoroughfare linking it to the oil-rich emirate and UAE capital of Abu Dhabi, 150 kilometres (95 miles) to the south.

Meraas Development said the project will comp