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| credit: Nakheel |
The over-the-top Dubai real estate development, "The World" is sinking back into the Persian Gulf. The millionaires playground consisting of man-made sand bars shaped to resemble a globe is "dead" according to the company that contracted with the state owned developer, Nakheel, to provide transportation services to the offshore islands. Penguin Marine lawyers said the islands are gradually sinking and the navigation channels are silting up. Of course, Nakheel disagrees with that characterization. But the global economic collapse is taking a toll. Only one of the islands is inhabited, "Greenland", owned by the ruler of Dubai. Nakheel says 70% of the "The World" is sold, but the development is definitely not as successful as another offshore folly, "The Palm". The owner who bought "Ireland" for £24m committed suicide, while the owner of "Britain" purchased for £43m is currently serving seven years for passing bad checks.
