Constructing Palm Assignment Sample
DUBAI PALM JUMEIRAH PROJECT
Impact on the project
Socio political factors
The Palm Jumeirah project has experienced supportive contributions as an integral part of achieving successful completion of the overall project. The topmost concern in this context can be reflected upon the support made by the Dubai administration and government in order to fulfill required financial resources for this project. Moreover, government oriented construction companies like Nakheel and others also played an important role.
Economic factors
The context of the investment corporation of Dubai (ICD) can be highlighted. ICD already unveiled a lucrative plan with a USD 1.4 billion investment in order to build up the royal Atlantis resort and residences (Saaho, 2022). The prime concern behind this initiative was to efficiently dominate the Palm Skyline with lucrative architectural designs. It also opened up an attractive plan in the context of Dubai in order to recognise the country as a playground for architectural designs. This evidence highlights implications of the Palm Jumeirah project in terms of enlarging the effectiveness of Dubai as a popular destination for tourism that may enhance the countrywide GDP to some extent.
Environment
This project is largely based on the marine environment of Dubai where subsequent arrangements are done to successfully conceptualise this project. Moreover, the gulf was the perfect place to structure the project as it was only 30 meters deep and 160 km wide. The engineers design of protecting the project with a round shape land cover was helpful for the project to protect the structure from unusual tidal waves.
Impact of the project
The overall project provided attractive influence on Dubai concerning the viewpoints of economic perspective. It was noted that the creation of this iconic Palm Jumeirah project provided a record profit of 1.35 billion dollars during 2016, which eventually played a large role in cutting down its debt pile (The Peninsula Qatar, 2017). Apart from that, the government oriented real estate giant of Dubai associated with the project initially experienced extensive net profits with this project which reached up to 4.96 billion dirhams in the year 2016 (The Peninsula Qatar, 2017). This is also equivalent to 13% increase as compared with the previous year circumstances from 2016. The overall evidence reflects strong performances in the respective area concerning residential and hospitality as well as retail leasing. With highest ever net profit generated from the project, 2016 was recognised as a momentous year the real estate group associated with the preparation of this project was able to repay 4.3 billion dirhams of debt raised with the Islamic sukuk bonds (The Peninsula Qatar, 2017).
Figure 1: Value created from the Palm Jumeirah project
On the other hand, the overall project eventually reflected a significant value proposition with a positive influence over the community. The gross regional product of Palm Island had increased on average by 1.4 % per year. Moreover, it also highlights an estimation of 93.267 million dollars gross regional product for the Palm Island, which reflects its economic contribution to the countrywide GDP (Qpc, 2016). Distinctive value addition can also be noticed from the perspective of the Palm Jumeirah project with a concise focus on the improvement of relational sectors and services. The aforementioned figure has been demonstrating addition of theta value generated through the Palm Jumeirah project. Increasing value has been generated in the public administration and safety aspects of Dubai which accounted for around 17.957 million dollars (Qpc, 2016). Moreover, the real estate services eventually contributed with 13.848 million dollars where the healthcare and social assistance also pointed out their contribution of 13.106 million dollars (Qpc, 2016).
Apart from that, the overall project is also noted to provide a negative impact upon the environment. The most attractive concern in this context can be provided on the significant changes occurring in the maritime environment of Dubai. As a result of dredging and re-depositing of sand for constructing the Islands, the marine habitat has been highly damaged along with the oyster beds, subterranean fields of sea grass and others (Google, 2022). Along with this, Dubai is also recognised as the most unsustainable part of the world due to its habits of unsustainable construction projects. The consequences of the Palm Jumeirah project are also noticed to threaten local Marine species as well as other respective species which denote the negative implications of this project on the environment.
The society is eventually impacted in a positive manner due to the conceptualization of the Palm Jumeirah project in Dubai. The topmost concern in this context reflects the attributes of economic production from different services and sectors including real estate and healthcare, construction and education, public administration and others (Qpc, 2016). This aspect has also been playing a significant role to positively contribute to societal development with increasing chances of employment.
Conclusion
Concerning the overall project, a sound understanding can be generated regarding relational insights of the Palm Jumeirah project in Dubai. While discussing the socio-political impact on the project, a subsequent focus can be kept upon respective support made by the Dubai administration and government as an integral part of ensuring the availability of required financial resources. Apart from that, proactive involvement of governmental agencies like Nakheel, Investment Corporation of Dubai and others have contributed to a fair extent in this project with adequate financial investment. Moreover, adequate focus can also be noticed upon the conceptualisation of lucrative architectural designs by dominating the Palm Skyline. The gulf has also been supportive to structure the project with its shallow nature.
Taking a critical perspective, this project can also be notified to provide a detrimental impact on the respective economy and environment along with the society. The topmost concern in this context reflects the addition of a greater value through this project in the form of increasing net profits year over year. Different real evidence is also presented in this context in order to highlight effective value creation from the Dubai Palm Jumeirah project in the respective industries and sectors. The consideration of increasing employment opportunities created through this project has eventually enlarged its transparency and accountability to conceptualise successive development of Dubai.
Despite providing immense positive implications, the Palm Jumeirah project has been maintaining an adverse relationship with environmental welfare as the whole marine environment of Dubai has come under stake as a result of this project. Considering the overall evaluation, this project has provided a subsequent lesson to signify the creation of societal and economic value as a sequential pathway to ensure effective value generation to the surroundings and community.
References
Qpc, 2016. Economic Impact Assessment of the Palm Island Community Company. [Online]. Available at: <https://qpc.blob.core.windows.net/wordpress/2017/08/11-029-Attachment-3-PICC-Economic-Impact-Assessment.pdf> [Accessed 27 February 2022]
Saaho, S., 2022. Dubai’s Palm Jumeirah to get new $1.4bn Royal Atlantis resort. [Online]. Available at: <https://www.thenationalnews.com/business/property/dubais-Palm-jumeirah-to-get-new-1-4bn-royal-atlantis-resort-1.236240> [Accessed 27 February 2022]
The Peninsula Qatar, 2017. Dubai giant behind Palm islands posts record profits [Online]. Available at: <https://thepeninsulaqatar.com/article/01/02/2017/Dubai-giant-behind-Palm-islands-posts-record-profits> [Accessed 27 February 2022]
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