|Location||Jumeirah Beach Residence coastline, near Dubai Marina|
|Construction started||April 2013|
|Estimated completion||Q1 2018|
|Cost||AED 6 billion|
The project was approved by Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and ruler of Dubai, and unveiled on February 13, 2013. It will be built on reclaimed land by Meraas Holding, with dredging work to be conducted by Van Oord, the Dutch firm known for its work on Palm Jumeirah, and will cost AED 6 billion (1.6 billion USD, including the Dubai Eye). Construction was originally due to start in April 2013, but actually began on May 20, 2013.
Bluewaters Island will feature the AED 1 billion ($270m) Dubai Eye, a 210-metre (689 ft) tall giant Ferris wheel. If completed, it will be taller than the current world's tallest Ferris wheel, the 167.6 m (550 ft) High Roller, which opened in Las Vegas in March 2014, and 19.5 m (64 ft) taller than the 190.5 m (625 ft) New York Wheel planned for Staten Island, which is scheduled to open in April 2018.
Design and construction are to be undertaken by Hyundai Contracting and Starneth Engineering. Construction was originally due to begin in June 2013, but did not actually start until May 2015. Completion was originally expected to be sometime during 2015.
The wheel will be able to carry up to 1,400 passengers in its 48 capsules, and provide views of Dubai Marina and landmarks such as Burj Al Arab, Palm Jumeirah, and Burj Khalifa. Its base will serve as an entertainment zone, and an 80-metre (260 ft) LED screen will be mounted on the wheel creating an electronic platform for broadcasting, advertisements, and other information.
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