The massive legs of this engineering marvel gather dust, while burlap-covered scaffolding surrounds the main shaft.
As the center of a man-made island that boasts Dubai’s most expensive real estate, its sense of abandonment is outlandish. Luxury apartments, fine restaurants, retail stores, shopping malls, Caesars Palace, where gambling is supposed to be allowed in this Islamic jurisdiction one day, all built around a giant disc. Nothing is said publicly about the wheel, and there is a widespread culture of secrecy surrounding high-profile projects in the United Arab Emirates, which are often suspended or canceled without explanation. It is embossed. (Dubai is he one of her seven emirates that make up the UAE.)
Dubai’s residential real estate market has recently surged with capital inflows from wealthy foreigners, including Russians who have flooded into the Persian Gulf to escape international sanctions. In the first quarter of 2023, more homes priced at $10 million or more were sold here than anywhere else in the world, according to the report. One recent quote.
But the story of the wheels evokes memories of past property demolitions. Critics say the development landscape is built on hype and headlines, is often highly speculative and opaque, is overleveraged, is reluctant to admit mistakes, and is prone to failing on shiny new projects. They are overseen by officials who try to cheat, and are often described as getting investors into trouble.
In a city of high-end architecture, including the world’s tallest skyscraper, Burj Khalifa, Ain was a perfect fit when it was unveiled in October 2021. Appearing on advertisements, road signs and tourist blurbs, it soon took over the official skyline. Today, the home of Bluewaters Island attracts small crowds most weekend nights. The island’s multi-storey underground parking garages are rarely full. The mall is mostly a hangout for bored salespeople.
“The problem with building something of the world’s biggest is that once you reach a certain scale, you’re entering uncharted territory, and what’s normally a small problem can suddenly become a big problem,” said Cardiff University’s engineering program. said Alled Davis, Director of Graduate Education. . “But there is no information about this, so no one knows. It could be a serious problem, or it could be that the wind or structural movement is causing unexpected additional stresses on the bearings that are beyond your control. It is possible that
With no official information, residents of Bluewaters Island are left guessing. Some say the Ein started vibrating loudly while it was in operation for five months. Some claim that the massive structure shook the ground as it rotated. One store owner said the tremor broke a window. Some fear that the infrastructure has been compromised. All spoke on condition of anonymity for fear of backlash from image-focused UAE authorities.
“I have lived here for two years and had no idea what was going on,” said one resident of an apartment facing Ain.
Another resident said, “I haven’t heard anything official.” “Some building managers say something broke inside the spindle mechanism, others say it’s sunk. Hotel managers behind the wheel in the beach area, I heard you say that you are calculating your risk and damage estimates taking into account the possibility of a fall.”
At over 800 feet tall, the Ein is built to carry 1,400 passengers and features private cabins for dinners, corporate events and lavish parties. At this time, it is unclear what revenue the wheel and surrounding areas will generate.
Built by a consortium that includes South Korea’s Hyundai Engineering, Canada’s WSP, local developer Meraas and Holland-based Ferris wheel specialist Starness, Ain Dubai was built by Dubai’s ruler Sheikh Mohammed bin Rashid Al = Owned by Dubai Holding, Maktoum’s investment portfolio. . After repeated contacts over several months, the companies involved declined to comment on what happened to Ain or how it would be repaired.
The German Technical Inspection Institute (TUV) confirmed its involvement in Ein’s construction, but revoked certification of the structure. The group, which tests and provides independent safety certification of various technical systems, was bound by a confidentiality agreement and had no further comment. Ain’s media office did not respond to a request for comment.
Last winter, another beachfront site built by the same developer abruptly closed and is being demolished to make room for a new hotel. Several other recent developments (some fully built, others unfinished) remain officially undecided, with unused cranes and exposed rebar still stretching skyward. Expected.
Just down the road from Ain is the grounds of the Dubai Pearl. This project is his $4 billion project to build his four residential and commercial towers connected at the top by a huge high-rise platform. It too is about to be demolished after 20 years of intermittent construction. Recently, when explosives were used to blow up part of a building, some neighbors thought there was an earthquake.
A series of high-profile failures evoke memories of the years after the 2008 financial crisis, when Dubai’s property market crashed and the Emirate of Dubai was in debt and needed a bailout from Abu Dhabi.
“Long after the 2008 crisis, there were many failed projects,” said economist Frederik Schneider. wrote a thesis It recently said Dubai’s economy is overly dependent on luxury real estate.
“The relationship between the Dubai-based developer and the Dubai government is so murky that when one is burdened, the other is also burdened,” he said. “This whole story highlights the gamble that laser focus on high-end real estate development creates across the Dubai economy.”
But for a city betting its global reputation on its next big undertaking, there’s always an incentive to keep building. In late May, officials announced the completion of a new master plan for a long-dormant second Palm Island.world famous city Palm Jumeirah.
Meanwhile, Ein continues to shine every night with an LED light show that can be seen from miles away. The clerk at the information desk smiles and vaguely states that they will be reopening soon.
“I don’t think the chiefs want to move this building to save face,” said Oleg, who lives in Bluewaters. “It’s still a landmark, so I guess it will stay here.”
