Dubai will build an artificial island with the world's highest Ferris wheel

Dubai - The Arab emirate of Dubai today approved a project for the construction of a new artificial island worth $1.6 billion (30 billion CZK). The centerpiece of Bluewaters Island and a new attraction for all of Dubai will be the largest Ferris wheel in the world, reported the Reuters agency.
    The emirate is once again embarking on extravagant projects for which it became famous worldwide in the last decade. Projects such as artificial islands shaped like palms or the tallest skyscraper in the world were mostly financed by debt, which led to a financial crisis in the emirate after the real estate market collapsed in 2008.
    The observation wheel will be named Dubai Eye, after a similar attraction in London, and is expected to be 210 meters tall. Its London counterpart is 135 meters in height.
    The developer of the Bluewaters project will be Meraas Holding, which already received a contract in Dubai in November for the construction of a complex of five themed parks. Construction is expected to start in April, and the general contractor for the observation wheel will be the South Korean company Hyundai Contracting and the designer of the London wheel, Starneth Engineering.
    Dubai has gradually recovered from the crisis due to its focus on trade, transport, and tourism. Since 2011, it has also benefited from its position as a "safe haven" for money from the Middle East and North Africa, as large sums of capital left Egypt, Tunisia, Syria, and other Arab countries during the tumultuous times of the "Arab Spring."