Dubai: The World in Peril
October 2, 2009 2:54 PM
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The
pitch was
extravagent: a
man-made archipelago of 300 islands constructed to approximate the land masses of Earth, located 4 kilometers off the coast of Dubai. Claim part of The World for your own, or as an investment.
Angelina Jolie And Brad Pitt bought Ethiopia,
Tommy Lee bought Greece for ex-wife Pamela Anderson,
David Beckham and Rod Stewart were each rumored to have bought an island, joining
other celebrities who had purchased part of The World. The
environmental impact of World-creation was raised, and
Sir Richard Branson warned that the islands would be submerged in 50 years if global governments did not address climate change. The warning in 2007 did not dissuade the developers, and
the final rock was placed in the breakwater in January 2008. The end of The World has not been brought about by rising tides, but
financial woes have put the development on long-term hold, potentially ending the project.
The World is not the only mega-development in trouble. The Times Online article stated that "about $300 billion of building is on hold after prices began tumbling," and
Maktoob Business cited other research stating that "
UAE's construction sector has been hardest hit by the downturn in the Gulf Arab region, with more than 500 projects on hold or canceled."
posted by filthy light thief (47 comments total)
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