The mystery of the $6 billion project: what happened with Dubai Pearl?
Dubai Pearl is an ambitious project of an area in Dubai worth $6 billion. Investors were promised to receive central location and perfect views of Palm Jumeirah. However, this project was announced by Al Fahim Group developing company in 2002, but only 13% of it is ready for the current moment. Let’s discover initial ideas and promises to the investors, real results and what the future of this “infamous”, “problematic” and “fallen” district is.
What was the original idea of Dubai Pearl
When Dubai Pearl project appeared in 2002, it attracted several thousand of investors almost immediately. Of course it did! 1.5 million square kilometers, an amazing location between Dubai Media City and Knowledge Village, astonishing views of the Palm and four luxurious 79-level towers! It was planned as the city inside the city, offering 1500 apartments, seven 5-star hotels, 60 restaurants, shops, offices and even a theater for 1600 visitors.
The most surprising part is that such an ambitious project as Dubai Pearl was planned to de finished by 2006. Advertising was really astonishing. Dubai Pearl was announced as one of the most ambitious construction projects in the world.
Dubai Pearl today
Omnix Holdings initiated construction works in 2004. They were working somehow till 2006, however everything stopped at that moment. Investors were able to get only 13% instead of the full project. Nothing changed till today. This dusty construction spot is located right next to several central districts of Dubai: rusty steel constructions, concrete and “frozen” lifting cranes. Some people say that even cranes were removed in summer 2016 without prior notice.
Dubai Pearl — is a $6 billion project that was planned as a city inside the city, but it turned into frustration for investors and an empty spot of the emirate.
Dubai Pearl significantly affected hundreds of investors. They are still trying to get their money back from the developers. They appealed to local authorities many times, but nothing changed.
At the very same time Al Fahim Group is feeding investors with empty hopes, insisting that Dubai Pearl will be ready one day. Sometimes they are asking people to wait a little bit more, but one of the biggest legal companies in the UAS, Essam Al Tamimi, the founder of Al Tamimi & Co, says that Dubai Pearl is a “ghost” and that investors have no chance to get their money back.