Middle East: Sky is the limit, IRED

Simeon Mitropolitski is a Canadian analyst, of Bulgarian descent, and former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with the hot political and economic topics, both Bulgarian and international. ("A Royal Solution." World Press Review. June 1997, provides English versions).

He was part of the first group of Bulgarian intellectuals that began the opposition movement that finally put an end to the communist regime in the country, and in 1996-1997 participated in the international monitors' teams during the elections in several Balkan countries - Romania, Albania and Bulgaria. In 1999 he was among the few Bulgarian journalists that supported NATO military operation against Yugoslavia. In 2002 Simeon and his family emigrated from Bulgaria to Canada where they now live in Montreal, Quebec.

Global Real Estate Project
News Index

Directories
Int'l Realty
US Realty

15 March 2008

Middle East: Sky is the limit

With lots of extra money, thanks of the high international oil prices several countries in the Persian Gulf are making important steps in developing their real estate markets, so that these money could be invested locally instead of being kept in politically insecure western countries. Some Middle East countries also try to push ahead with breathtaking multibillion-dollar projects that would be both profitable and would have significant symbolic element in terms of national pride. This article will present some regional landmark projects that are already under development, or are to be developed in shortly or in mid-term.

Burj Dubai (United Arab Emirates)

This is a skyscraper under construction that must reach, when accomplished in 2009, an altitude of 818 m (2,684 ft), and will be, at least for some time, the tallest man-made structure in the world (the tallest now is Taipei 101 in Taiwan). The budget of the development is estimated at more than $4 billion. According to some sources, this skyscraper will be part of very large real estate development of some 30,000 residences, several hotels, more than a dozen additional shorter multipurpose towers, the largest shopping mall in the world, one of the largest aquariums in the world, plus an ice skating ring, and many artificial waterfalls.

Mile High Tower (Saudi Arabia)

This skyscraper will be built in Jeddah, Saudi Arabia, and when accomplished, it would reach an altitude of 1,600 m (5,300 ft). The groundbreaking would be done later this year, and the final touch might come four years from now, in 2012. The skyscraper will be part of a larger development that will include residential and commercial spaces, plus construction of a five star hotel and several offices. The estimated cost of the skyscraper will exceed $10 billion.

Murjan Tower (Bahrain)

This project, if and when accomplished, will reach an altitude of more than 1,000 m (3,300 ft), and will be definitely taller than the Burj Dubai, which is currently under construction in the UAE. Like Burj Dubai, the main purpose of this skyscraper will be to offer first class office spaces, plus many residences, plus retail spaces of the (yet another!) largest shopping mall in the world.

Burj Mubarak al-Kabir (Kuwait)

This is a project for skyscraper, which if and when accomplished, will reach an altitude of more than 1,000 m (3,300 ft), and together with Murjan Tower in Bahrain, will be definitely taller than the Burj Dubai, which is currently under construction in the UAE. The estimated timing of this development is put within the last 25 years. Burj Mubarak al-Kabir will be part of larger real estate development that will also include an Olympic-size stadium, several residences, hotels, and (of course!) huge shopping malls. Larger infrastructure projects will also include port facilities and bridges. The estimated investment of all these projects will approach $100 billion.

Al Burj (United Arab Emirates)

This is a project for skyscraper, which if and when accomplished, will reach an altitude of more than 1,200 m (4,000 ft), and together with Murjan Tower in Bahrain and Burj Mubarak al-Kabir in Kuwait, will be taller than the Burj Dubai, which is currently under construction, also in the UAE. Al Burj project will be part of larger development that will include several residences and (once again!) shopping malls.

--------------------

See also the directory of companies providing real estate services in, and general real estate information of Saudi Arabia, Qatar, Bahrain, Oman, Kuwait, and the United Arab Emirates.

Was this article helpful?