It looks like it's that ski resort I've seen on Travel Channel. Looks like it will be other stuff as well. There's just something incredibly hubristic about putting a ski resort in the middle of 110-degree desert.
I saw a similar show on Travel, or some other Discovery-type channel, where Dubai is dredging up millions of tons of sand in the ocean, piling it up next to the shore and adding thousands of acres of new land to their country. They're putting thousands of homes, resorts, malls, etc. on these stretches of land. They're even going to put one, slightly off shore, that will be in the shape of all the continents of the planet. Those lots will fetch a pretty penny, I'm sure.
I guess people can do what they want with their own money, but wow, those people spend prolifically for things that just don't seem as necessary as other things, such as, say, education for the masses.