Landmarks - Palm Island

The Dubai Palm Island project is a significant land reclamation and engineering achievement in the UAE, designed to boost tourism and real estate development. It has expanded Dubai's coastline and attracted wealthy residents and developers. However, the project has faced criticism for its environmental impact, particularly on coral reefs. Efforts have been made to create artificial habitats to mitigate these effects. Despite concerns, the island offers a luxurious lifestyle with private beaches and celebrity neighbors.

In what ways does the Dubai Palm Island Project aim to attract wealthy residents and investors?

Discuss the economic strategy behind Sheikh Mohammed's decision to diversify Dubai's economy away from oil.