Salem Bin Dasmal, CEO, Dubailand, said: The Great Wheel Corporation has a proven track record in developing these remarkable attractions around the world and I am glad Dubailand is the destination for their masterpiece in Dubai.
The observation wheel is set to attract its first visitors in early 2009 and is expected to attract up to two million visitors each year.
Last year Construction Week revealed how another company had hoped to build a similar observation wheel project in Dubai.
US firm Voyager Entertainment International came to the emirate in April 2005 to promote its $150 million project, billed as the biggest observation wheel in the world.
It claimed that it had signed an agreement with an international investment bank called Allied Investment House (AIH) with global operations.
But CW eventually traced AIH to a serviced office suite in Dubai's Fairmont Hotel rented by the day.
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