The development of Dubai's (UAE) artificial island, known as Palm Jebel Ali, has been put on hold since it was originally scheduled to begin in October 2002. The island's master planning was handled by the Creative Kingdom, while concepts for attractions and entertainment were created by Leisure Quest International (USA). A water theme park, mansions perched above the water, and boardwalks that encircle the "fronds" of the "palm" and spell out an Arabic poem by Sheikh Mohammed bin Rashid Al Maktoum are all planned for the project, which would be 50% bigger than Palm Jumeirah. The breakwater was finished in December 2006, and work on the infrastructure started in April 2007. Major construction won't begin until the majority of infrastructural work is finished.
Following the 2008 financial crisis, the work was put on hold, and the developers, Nakheel, indicated that no development work will be done anytime soon. Nakheel requested that many architects collaborate on the design of one of the 300 000 m2 Palm towers. A Royal Haskoning building, which also contributed to several other Dubai developments, was chosen as the winning design. The developer will construct and sell residential villas that were created by the Dubai, United Arab Emirates-based Serendipity By Design LLC. The many types of villas were to be divided into three categories: garden villas, 40 series (the biggest), and trademark villas.
The prices of houses being sold in Palm Jebel Ali were said to have dropped by 40% in the two months leading up to November 2008, with the decline being ascribed to the Financial crisis of 2007–2010. This was one of the earliest indications of a slowing Dubai real estate market. Investors in real estate were given reimbursements by Nakheel in March 2011. Over 250,000 people would be accommodated, according to the Palm Jebel Ali developer.
According to the initial timeline, the first of the Crescent's four theme parks was supposed to open in 2021. These future amusement parks, together known as the "World of Discovery," will be built and run by the Busch Entertainment Corporation. SeaWorld, Aquatica, Busch Gardens, and Discovery Cove are among the theme parks.
At the summit of the Crescent, which will take the form of an orca, will be the World of Discovery.
74 owners of the Palm Jebel Ali wrote to the ruler of Dubai through the Ruler's court in November 2014 over the PJA project, which had reached a standstill.
On March 16, 2015, Mr. Ali Lootah, Chairman of Nakheel, reaffirmed Nakheel's long-term commitment to the project but enquired, "What can I do for the original investors?" Sanjay Manchanda, CEO of Nakheel, said that there were no imminent plans to pick up the project's development in October 2018.
Investors have the choice of switching their holdings to one of Nakheel's other Dubai projects, such as Palm Jumeirah, or sticking with the amended payment schedule. However, 74 investors urged Mohammed Al Shaibani, the general director of the Ruler's Court and CEO of Dubai Investment Corporation, to check into the situation in a letter he received in November of last year.
Nakheel's grandiose Palm Jebel Ali project would continue to be built "in the long run," not be shelved. In an exclusive interview with Gulf Business, Ali Rashid Lootah stated that the market hinges on the project's introduction. Lootah claims that immediately after the project halted, the developer presented all of the choices to investors. If they are not satisfied with anything, what can I do? They were given the choice to relocate to the fully constructed Palm Jumeirah. Many investors followed his advice, and once they relocated there, the price tripled.
"Some individuals also switched to different homes. What can I do? But some individuals just want to wait, he continued.
He did reveal, however, that the project's Jebel Ali Waterfront has started in certain parts. The business revealed its ambitions to develop 80 flat dwellings on the land in January. At the Badrah and Veneto neighborhoods on the Waterfront, it is also building close to 800 residences. In the Badrah affordable housing project, eight low-rise structures will house around 600 townhouses and apartments. Along with workplaces, public spaces, schools, and retail and entertainment establishments will all be housed there. In a residential area, Veneto will have villas, city halls, and flats.
