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Extravagant Dubai island project sinks under weight of the credit crunch

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  • Extravagant Dubai island project sinks under weight of the credit crunch

    By James Mclean and Brian McDonald
    Saturday September 12 2009
    THE Galwayman who bought Ireland is dead, England is deserted, while Australia and New Zealand have merged.

    They were designed to make Dubai the envy of the world: a series of paradise islands inhabited by celebrities and the super-rich reclaimed from the azure waters of the Arabian Gulf and shaped like a map of the Earth. It was called The World.

    As millions of tonnes of rock were dumped into the sea for the foundations, timely leaks suggested that Brad Pitt and Angelina Jolie were to buy Ethiopia, Richard Branson was tipped to occupy England, while Rod Stewart would border him in Scotland.

    Hazard
    Instead it has become the world's most expensive shipping hazard, guarded by private security in fast boats and ringed by warning buoys to keep the curious away.

    A development that was meant to send Dubai's star into the firmament of First World cities has been left to the mercy of the waves and the baking winds.

    Mile after mile of breakwater built from boulders brought hundreds of miles by ship has been laid, but inside its man-made lagoon, work has completely stopped.

    Read more...

    Cheers

    Marc
    Free business resources - www.BusinessBlogsHub.com

  • #2
    I saw a doco on the Galwaymen consortium buying their islamd. Tragic that he killed himself.

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    • #3
      It is a real shame about how badly Dubai and the rest of the world has been affected by the credit crunch. The project in Dubai was set to be something amazing upon completion, and I can imagine how morose it must look to simply be left to be washed away by the sea. I remember seeing the plans and drawings in the news when they were unveiled, and it looked amazing! Real shame.

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