DUBAI // A raft of development projects worth billions of dirhams were given a seal of approval by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai today.
The projects - including the Dh2.5 billion expansion of Madinat Jumeirah, a pedestrian footbridge across Dubai Creek, a Dh390 million residential complex for Dubai Police, and the Dh1.5 billion expansion of Business Bay Canal - are testament to Dubai's comeback following 2008's economic woes.
"The process of development never stops and has no limits," said Sheikh Mohammed.
During a visit to the Roads and Transport Authority (RTA), the ruler approved plans for a pedestrian bridge across Dubai Creek.
The 17 metre-high bridge, dubbed the Creek Panorama, will include footpaths and cycle tracks and is expected to increase traffic in business districts on both sides of the Creek.
Sheikh Mohammed also inspected progress on a Dh390million housing complex for Dubai Police, the Al Sufouh tramline and the Dh1.5bn extension of Business Bay Canal.
The RTA told Sheikh Mohammed it would award the canal extension contracts before the end of 2012 to enable contractors to begin work by March next year.
The canal, which is to be extended by 2.8km, will cross Sheikh Zayed Road, pass through Safa Park and across Al Wasl Road to open into the sea. The Ruler also signed off on Madinat Jumeirah's expansion, which will include a luxury 5-star hotel facing the Burj Al Arab, villas, restaurants, shops and a pedestrian precinct.
These announcements are not the first sign of Dubai's economic resurgence. Property agents say prices are climbing to their pre-2008 peak, jobseekers are returning, and the Department of Economic Development's Business Confidence Index had risen to 106.1 points in the second quarter of this year. All indicators suggest a steady and solid return to business.