The government's decision to diversify from an oil-based economy, and to make Dubai the main hub of tourists in the world, has made and other developmental projects such as Dubailand, more valuable, resulting in the property boom from 2004-2007. Construction on large scale is a part of Dubai Strategic Plan 2015 unveiled by Mohammed bin Rashid Al Maktoum, the ruler of Dubai, to maintain economic growth and to put Dubai on the map of the world, and a tourist destination of the world. Construction on large scale has turned Dubai into one of the fastest growing cities in the world. There are a number of large-scale projects which are currently under construction or will be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which is 25% of cranes worldwide, are operating in Dubai. Currently multi-billion dollar construction projects are taking shape in Dubai.
In a report published by Forbes on October 22, 2012, says Dubai has recovered faster from the financial crisis than most other countries and now its economy is growing in a higher rate than its counterparts because of its zero tax policy and economic free zones. The estimated GDP growth rate of Dubai in 2012 was 4.5%. The growth was mainly driven by the tourism, commerce and industrial manufacturing sectors.
According to the UAE's Ministry of Finance, Dubai's government has allocated 32.3 billion dirhams ($8.8 billion) for infrastructure projects in 2012, marking a return to big spending on such projects as some of these projects had been stalled due to lack of funding.
In November 2012, Sheikh Mohammed bin Rashid Al Maktoum announced fifteen new projects worth more than $187 million. These projects are a part of the municipality’s 2013 to 2015 strategic plan of Dubai.
Dubailand will be worlds largest Retail and Entertainment World, twice the size of Walt Disney World Resort, it include 45 mega projects and 200 sub projects. Currently, there are currently 22 projects under construction, 6 are complete.
In September 2007, a Dhs. 484 million (US$ 132 million) extension of the creek was finished, which now ends just south of the Metropolitan Hotel on Shaikh Zayed Road. A final 2.2-kilometre extension will cross Shaikh Zayed Road.