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10 tea-time facts about…Waterfront developments
Over $100bn worth of investments is being pumped into waterfront developments in the Gulf
August 18, 2008 12:39 by kippreport
Did you know that the Gulf is currently witnessing over $100bn worth of investments in waterfront developments? Here are some other interesting facts.
1. Recent studies reveal that up to two thirds of the world’s population is, or will soon be living in coastal communities.
2. In the next five years, more than 50,000 boats will be seen along the coasts of Dubai.
3. Nakheel’s Waterfront city will encompass an area of 1.4bn square feet, twice the size of Hong Kong Island, and claims that it will provide one million jobs when complete.
4. The amount of land being reclaimed each month on the property is 11.5 million cubic feet— enough to fill Wembley stadium three times.
5. Al Marjan Island, the $1.8bn waterfront development in Ras Al Khaimah will have five man-made coral-shaped islands, and has a contract of more than $73m with Dredging International for the land reclamation process.
6. A one-bedroom apartment on La Hoya Bay on Al Marjan Island, with a total area of around 935 square feet, costs more than $340,000.
7. Riviera Arabia or the ‘Pearl of the Gulf’, is the $2.5bn man-made island being built off the coast of Doha in Qatar, and according to reports, the largest district cooling plant in the world is being built there.
8. A joint venture of Dredging International and Boskalis Westminster Middle East has a contract with Nakheel for the construction and expansion of Port Rashid in Dubai. The contract is worth approximately $600m, the amount that General Electronics (GE) hopes to make from Olympics-related deals in Beijing this year.
9. Abu Dhabi’s around $15bn Al Raha Beach development is set to be home to 120,000 residents when complete. That is slightly more than three times the entire population of Brunei.
10. The 1954 action movie called ‘On the Waterfront’ starring Marlon Brando, was reportedly made with a budget of just under $1m and grossed ten times its production costs in its initial release.