The United Arab Emirates city-state of Dubai, home of the second tallest building
in the world and a man-made island shaped like a palm tree, announced earlier this week its plan to construct on a yet-to-be-built island the world's tallest Ferris wheel – much taller than two other giant Ferris wheels which have yet built to be built.
"The Dubai Eye," as it's being called, will be 690 feet tall, approximately 65 feet taller than New York City's coming "New York Wheel," 140 feet taller than Las Vegas' coming "The High Roller," and 150 feet taller than Singapore's "Singapore Flyer."
"The Dubai Eye" is expected to attract more than three million visitors a year according to Dubai officials.
Alert: End of America's Middle Class a Startling Reality. Read More Here.
Dubai's ruler, Sheik Mohammed bin Rashid al-Maktoum, recently approved the Ferris wheel which will be featured on an island that will also include a luxury five-star hotel and multiple dining outlets with a mix of retail stores.
Construction on the entire project is scheduled to begin later this year and will take three years. Upon completion of the wheel and the surrounding amenities, low rise residential buildings will be added to the island.
In total, the project will cost the oil-rich royal family, which has estimated net worth of $44 billion, $1.6 billion, reported CNN
In an interview with Emirates 24/7, Abdullah Al Habbai, chairman of Meraas Holding, described the massive project.
"We have a clear mission and vision to strengthen Dubai’s global position in the tourism sector. This project will continue to build on the emirate’s reputation as leaders in the global entertainment and retail landscape. Through Meraas’s continued investment into similar mixed-used developments, we aim to draw sustained investment and tourism from around the world."
"The Dubai Eye will serve as yet another iconic structure and will distinctively dominate the Dubai skyline," Al Habbai added. "Further enhancing Dubai's status as the preferred global entertainment and retail hub."
Big Financial Wave is Bust in Dubai
US Treasury Cuts Iran's Dubai Cash Link
© 2014 Newsmax. All rights reserved.