Nakheel used the inaugural Tourism Development Projects and Investment Market to release details of several new mega-projects: Dubai Promenade and The Universe.

Dubai Promenade will be located near the Dubai Marina and The Palm Jumeirah, and will include commercial and residential towers, retail space and a spectacular five-star hotel shaped like a wheel.

The project's senior general manager Ali Bin Damithan said the hotel would "further enhance the emirate's international profile".

"The hotel's unprecedented shape and structure will be spectacular, and no other skyline in the world offers anything like it," he said.

The development would also include a smaller boutique hotel once completed, he added.

After announcing that it had completed land reclamation on The World project, Nakheel also used the event to release details of The Universe - a new project with islands in the shape of the sun, the moon and planets.

Still in its concept stage, Nakheel investment projects executive director Robert Lee said the project would evolve once engineering, feasibility and environmental studies were complete.

Lee said that owners of The World islands - who currently have uninterrupted views back to Dubai which may be reduced by the new project - had been kept fully informed of the plans and were "generally supportive".

Owners of the The World islands still have uninterrupted views of the gulf under the current design of The Universe.