Dubai’s next big thing? Perhaps a $5 billion man-made ‘moon’ as the city’s real estate market booms

DUBAI, United Arab Emirates — Who says you cannot reach for the moon? A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights — by bringing a symbol of the heavens down to Earth.

Canadian entrepreneur Michael Henderson envisions building a 274-meter (900-foot) replica of the moon atop a 30-meter (100-foot) building in Dubai, already home to the world’s tallest building and other architectural wonders.

Henderson’s project, dubbed MOON, may sound out of this world, but it could easily fit in this futuristic city-state. Dubai already has a red-hot real estate market, fueled by the wealthy who fled restrictions imposed in their home countries during the coronavirus pandemic and Russians seeking refuge amid Moscow’s war on Ukraine.

And even though a previous booms-and-bust cycle saw many grand projects collapse, Henderson and others suggest his vision, funded by Moon World Resorts Inc., where he is the co-founder, might not be that far-fetched.

The project Henderson proposes includes a destination resort inside the spherical structure, complete with a 4,000-room hotel, an arena capable of hosting 10,000 people and a “lunar colony” that would give guests the sensation of actually walking on the moon.

The MOON would sit on a pedestal-like circular building beneath it and would glow at night. Henderson discussed the project at the Arabian Travel Market earlier in May in Dubai.

Already, artist renderings commissioned by Moon World Resorts have played with the location for his MOON — including at the Burj Khalifa, the world’s tallest building at a height of 828 meters (2,710 feet). Others have placed it at the Dubai Pearl, a long-dormant project now being destroyed near the man-made Palm Jumeirah archipelago, and on its unfinished sister, the Palm Jebel Ali.

The Pearl and the Palm Jebel Ali represent two “white elephant” projects left over from the 2009 financial crisis that rocked the sheikhdom and forced Abu Dhabi, the capital of the United Arab Emirates, to provide Dubai with a $20 billion bailout.

Now nearly 15 years later, Dubai largely has turned around. Rents on average across Dubai are up 26.9 percent year-on-year, even with anti-price-gouging protections. Dubai saw 86,849 residential sales last year, beating a previous record of 80,831 from 2009. (AP)