Consider it a sign that Dubai is ready to be Dubai again.
The city was temporarily humbled by a 2009 economic panic (Abu Dhabi famously gave the Dubai government $10 billion to prevent it from default). But an underwater hotel concept could signify a return to pre-recession form.
The UAE's tourism industry has shown particular promise since the Arab Spring as vacationers have increasingly avoided Egypt, typically the most popular Middle East destination.
The hotel is a standardized prototype from a Poland-based company known as Deep Ocean Technology. Composed as a series of modules, DOT can accommodate any developer's demand based on economic and environmental conditions (including shape of the coastal line and depth of water around the coral reef).
A previous underwater project for Dubai, Hydropolis, was proposed in 2006, but never came to fruition. Amazingly, all rooms will have high-speed Internet access.