Dubai is one of the richest cities in the world and is known for its vibrant culture, rich history, ultra-modern infrastructure, and skyscrapers. Truly it is a place that resembles wealth and luxury. White-clad Arabs lives a luxurious life and are seen driving exquisite luxury cars in a city that doesn’t sleep at night. The UAE capital is regularly announcing megaprojects every year. It’s not a surprise since the city is leading the glitzy and innovative architecture and engineering.
One of their biggest projects is the $30 billion Meydan City. This giant luxury city is said to be built directly next to Dubai. It is intended to accommodate 80,000 residents with 40 million square feet. This colossal development project caught the attention of the world during its early stages as it features all the world’s bests in a condensed city. But how come the futuristic city is abandoned? What happened to the biggest mega-project in the city?
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Meydan City: A Brand New Luxury City
The proposal for Meydan City started in 2013. Meydan Real Estate, a state-owned developer, wanted to build a brand new luxury city next to Dubai. Buzz and excitement surrounded the project featuring all the finer things in life. Plans were settled in 2015 and the developer wanted to complete the project by 2020 when they are set to the world expo.
However, the palpable pressure of building an entirely new city is deeply felt by the construction and the developer. After all, they are expected to build the greatest residential tower in the world, the larger race track in the world, an enormous indoor ski resort, an expansive luxury mall, and so much more.
In 2020, Meydan real estate started facing some financial fallout. The development of the project was paused as the developer tried restricting the staggering $4 billion debt.
Luxurious Features Worth Billions
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So, what can you expect from this luxury city? Everything you can imagine! Let’s start with the Meydan One Mall. Residents can enjoy a massive shopping mall with over 500 stores, 100 restaurants, and the world’s largest indoor ski slope. For a desert city like Dubai, building an indoor ski slope requires millions. The said ski slope stretches up to a 1.2 kilometer downhill run. Meydan residents don’t need to travel to other countries to enjoy skiing.
The mall also features a 13,200-square-meter hypermarket. They aim to provide all the possible grocery needs of an individual. Rest assured they have all the possible products in this massive grocery. Meydan One City is also said to have a canal system as one of the modes of transportation. It’s a perfect place for a romantic getaway. This canal system is designed for a peaceful and pleasant ride, taking the residents from one place to another.
They are also planning to build the greatest residential tower in this brand-new city. It is said to stand at 2,333 feet with 85 residential apartments. It will feature a five-star hotel with 350 rooms. At the heart of the city is a giant fountain that could shoot water up to 380 meters. They are also planning to build a giant water park, along with its attractions and luxurious amenities.
Meydan Sobha, the first phase of the district, is the residential phase of this mega-project. It features a massive man-made lake, separating the villa from other parts of the city. It can accommodate kayaks and paddle boats. Even with the slow development, Meydan is still attracting thousands of people every year thanks to its Meydan race course. It was opened to the public on March 27, 2020, replacing the Nad Al Sheba Racecourse.
It features a grandstand that is over 1.6 kilometers and can seat up to 60,000 spectators. They also feature the world’s longest television ever built. The development also features hotels, clubs, a plaza, IMAX, sky-bubble entertainment, and a stunning boat house. The design of the city of the future is so futuristic and luxurious. It’s intended to give the best life has to offer for every resident who moves in there. So, why did it fall apart?
The Reason Why The Meydan City Was Abandoned
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Unfortunately, six years after the project started, it fell apart due to the COVID-19 pandemic. The Meydan Real Estate filed for bankruptcy, claiming they do not have enough funds to complete the project. As of now, they have over $4 billion in debt.
Project Riviera is one part of the project with a different developer. As of today, the only part that is being developed is the Azizi Riviera apartments. The residential complex is said to be only 25% from its completion.
Residents who secured their units were assured that the villas are still being developed but at a much slower pace. The anticipated Meydan tower and Meydan arena, however, may never see the light of day.
There is still hope that the abandoned $30 billion Meydan city will still come to life but in a more realistic timeline. After all, Meydan is a visionary project of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai.
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Sources: CNN, Aqua Properties, Dubai Future
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