Thursday, February 15, 2018

"the fantasy archipelago of 300 artificial ‘countries’ [in Dubai] is back in business"

TG:

Conceived in 2003, the project was to be an exclusive offshore playground for film stars, royalty and celebrity tycoons: an artificial archipelago of 300 islands set two miles off the coast. Invitations to “Own the World” were sent to a targeted group of 50 potential buyers each year, offering tours of the site by yacht or helicopter, with prices for the islands ranging from $15-50m (£10-36m). Richard Branson posed for photos on little Britain in a Union Jack suit; Karl Lagerfeld launched plans for a fashion-themed island; rumours swirled that Brad Pitt and Angelina Jolie had acquired Ethiopia for their ever-expanding clan of adopted children.

...

After five years of dredging, which saw 320 million cubic metres of sand and 25 million tonnes of rock hauled into place, the final stone in the breakwater was laid in January 2008 – on the eve of the global financial crisis. The vision collapsed just as quickly as the computer renderings had been conjured. Dubai World, the government investment arm in charge of the project, was revealed to have debts of $60bn.

...

So it comes as some surprise to learn that construction is back under way.