DUBAI Staying the course: 38 Master Plan Development I Illustrative Master Plan a remarkable comeback Figure 3.1: Illustrative Plan of Pearl Jumeria AD11084-0100D–RPT–TP–REV 0 Dubai is staging a powerful comeback from the recent economic downturn that left those who predicted a bleak future for the city singing to a different tune. The six-year boom that turned the once quiet town into a large regional hub came to a crashing halt in just a few short months. According to industry watchers, by 2009 nearly half of all construction projects were either put on hold or cancelled in the small Arabian Gulf Emirate who had positioned itself as an international finance, tourism and trading center. In the wake of the blow that hit hard and fast, the city fought back to restore its finances and rebuild on stronger foundations guided by wise leadership and well structured institutions. With support from the United Arab Emirates Federal Bank and oil rich neighbor Abu Dhabi, Dubai and the UAE as a whole acted decisively to work through mounting debts and lack of transparency issues that fuelled doubt into investors’ willingness to stay in the market. The remarkable recovery efforts were showing signs of healthy economy as far back as mid 2010 and in the midst of the mayhem in the Middle East, Dubai is again a much needed safe haven and a stronger transport and trading hub with newly stated national policy to build an infrastructure qualified to outperform rival regional hubs. Often referred to as the three T’s strategy: trade, tourism, and transport, there is still room for gulf tournaments, fancy hotels and show jumping championships, but logistics is big business in Dubai these days. The city has moved quickly on infrastructure projects to consolidate its position in transportation and trade, diversifying its export strategy, tapping into new trade destinations particularly with Africa, and developing an oil-based industry. Dubai International Airport passenger traffic surged 13.4 % in 2012, freight volume jumped 3.9% with aircraft movement rising 8.4 % with the launch on new routes to South America, Africa, Autralasia and Eastern Europe. Dar Al Handasah is moving ahead with the design plans on the new Concourse 4 as our on-the-ground teams are managing final works on DIA Concourse 3 expected to be phased into full operation in 2013 to bring the total capacity of airport from 50 to 70 million pax. With the completion of the ongoing Concourse 3, Concourse 4 in addition to Terminal 2 expansion; the total capacity of DIA will reach 92.5 million pax in 2014 to cater for the aviation traffic demand up to the year 2020. This is part of the 2020 Strategic Plan set by the Airport in July 2011.. 10