The people behind this stunning looking structure are the Dutch firm Royal Haskoning , and they are not just in the business of developing a fantastic looking building they also have a use for it too. To quote from their website (there is no way I could describe it better):
“Our design is radically different, it revolves around a huge void, providing a dramatic and totally original profile. It consists of 2 different parallel rotating structures. On one side is the fast rotating structure, which has a full rotation cycle of 30 minutes. It contains of 36 classic viewing capsules, which are projecting from the side of the Wheel, allowing for maximum panorama.
This gleaming hunk of urban development is about to rise on an artificial, perfectly square island off the coast of Dubai. Engineers in the coastal country are already adept at building islands — Dubai possesses three artificial island developments, including one made of house-sized islets that form the shape of all the continents of the world. With this new development, architect Rem Koolhaas will design an entire city that reflects his futurist philosophy about the “generic city.” That glowing ball you see will be a city unto itself.