Published: Feb 13, 2013 2:49 PM EST

DUBAI, United Arab Emirates (AP) - Dubai's ruler has approval a $1.6 billion island development project that would be home to what's billed as the world's biggest Ferris wheel.
    
The project reflects a renewed appetite in Dubai for extravagance as the economy rebounds from a debt-driven slump during the past three years.
    
The official WAM news agency said Wednesday that the Ferris wheel - dubbed the Dubai Eye - will stand 210 meters (688 feet), exceeding the London Eye's 135 meters (443 feet). Construction is set to begin this year.
    
Dubai has proposed a series of mega projects reminiscent of its boom years before the downturn hit in 2009. The projects include theme parks and a satellite city named for Dubai's ruler, Sheik Mohammed bin Rashin Al Maktoum.

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