8 OF THE MAJOR WATERFRONT DEVELOPMENTS IN THE MIDDLE

EASTEhsan Bayat

8 of the Major Waterfront Developments in the Middle East• Developers all over the world in nations such as the United States, Singapore, and Monaco

have taken advantage of existing land bordering the ocean and other bodies of water to construct elaborate waterfront developments, while real estate firms in Japan and Hong Kong have formed artificial islands on which to build international airports. The Middle East—Dubai especially—is following suit, only at an unprecedented quantity of development.

• Constructing new waterfront properties, whether on natural or artificial land, is just one high-level way for real estate developers to compete. The “waterfront” label engenders a sense of exclusivity, coupled with the perception that having water in the foreground or backdrop correlates with the highest standards of living. Because of the valuable nature of these properties, real estate companies will go to great lengths to meet consumer demand, including canalling inland, sculpting coastal extensions, and creating islands.

• One of the most prominent waterfront projects in the Middle East is Palm Islands, located in Dubai. Industry analysts consider this project to be the impetus for the ever-expanding trend in the region, which features dozens of firms vying for the business of investors and buyers. Starting with Palm Islands, here is a look at eight of the most appealing upcoming waterfront communities in the Middle East.

1. Palm Islands – Dubai, UAE• The Palm Islands project started in 2001, with the first of three manmade islands, Palm

Jumeirah. Prior to the reclamation of land for this first phase, no land existed off the coast of the UAE. As the development continued, the second installment, Palm Jebel Ali, started to take form in 2002. The third and largest piece is Palm Deira.

• Palm Jumeirah features a central island with 17 palm frond-shaped extensions and another piece that circles the entire island. The first properties were handed over in 2006, and the island has emerged as a popular tourist and residential destination.

• Palm Jebel Ali progressed from 2002 to 2009 before the real estate market stalled further building. Construction has since resumed, but developers stated that the project will proceed as a long-term investment.

• Palm Deira comprises 41 palm frond-shaped extensions. The original Palm Islands blueprint included only the first two islands, but developers started laying ground for the third in 2004.

• Sheikh Mohammed Bin Rashid Al Maktoum, the government leader heading the Palm Islands project, has a vision for bolstering the economy and decreasing dependence on the oil industry. He has partnered closely with the real estate firm Nakheel on the construction.

2. Marasi Business Bay – Dubai, UA• One of the most recent developments in Dubai, Marasi Business

Bay is unique in that it provides the waterfront experience in a downtown setting. Developers aim to achieve this by finishing the canal that extends into the heart of Dubai. When finished (estimates say 2023 at the latest), Marasi will feature high-quality entertainment hospitality venues.

3. Saadiyat Island – Abu Dhabi, UAE• Located off the coast of Abu Dhabi, Saadiyat Island measures 27

square kilometers and offers a wide range of amenities and attractions. TDIC developed the community, which will eventually house as many as 145,000 residents. Visitors can reach the island from the Abu Dhabi International Airport in a mere 20 minutes.

4. King Abdullah Economic City – Jeddah, Saudi Arabia• Announced in 2005, King Abdullah Economic City (KAEC) is a 30-

year project that aims to establish a megacity in the region. The $95 billion endeavor has already attracted investors from around the world, and developers hope to bring in businesses to diversify the economy. As of 2016, KAEC is home to 5,000 citizens and is on pace to provide homes for 50,000 by 2020.

5. Durrat Al Bahrain – Bahrain• Durrat Al Bahrain is a 21,000-square-kilometer development in the

formation of 15 separated but connected islands on the south coast of Bahrain. The government of Bahrain and the Kuwait Finance House back the project, which will offer more than 1,000 beachfront villas.

6. Amwaj Islands – Bahrain• Six manmade islands—ranging in size from 124,000 square feet to

1.4 million square feet—constitute Amwaj Islands. Each of the islands, located off the shore of Bahrain’s capital city, Manama, features a different theme. The community offers waterfront residences, schools, banks, and all the other necessary amenities.

7. The Pearl-Qatar – Qatar• Designed to be an iconic piece of local real estate, the Pearl-Qatar

is located off the coast of Qatar, between cities Doha and Lusail. The island community features several precincts, each of which hosts a different selection of properties for luxury living and vacationing, including the Marsa Malaz Kempinski resort.

8. Al Mouj Muscat – Muscat, Oman• Al Mouj, which translates as “the Wave,” stretches across six

kilometers of the Omani coastline. The waterfront community features a large assortment of residential, retail, and recreational real estate. One key attraction is the 18-hole golf course, the only one in Oman that meets PGA standards.