Several years ago, when Dubai among others were in the height of their “Let’s see how fast we can spend every penny of our oil money” frenzy, one of the things they built was a huge chain of manmade islands in the shape of a world map, in the hopes they could sell this brand new real estate and turn it into a top-notch resort. Well… so far, only one of the islands has been rented and the chances are low for anyone else considering that the islands are sinking.
It exemplified the booming property market and ambition of Dubai’s entrepreneurs. But after the global financial crisis led to the collapse of the emirate’s home-building market, a unique development known as ‘The World’ is reportedly facing Armageddon. The project, a man-made archipelago designed to resemble a map of the planet, is facing disaster as its islands have begun sinking, a tribunal heard this week. The development, which sits a mile and a half from the mainland, is all but vacant after investors who bought up its ‘nations’ saw their finances collapse after the economic crash.