Word: dubailand
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...suspended and canceled in Dubai, according to a report by the local branch of HSBC bank. Business journal the Middle East Economic Digest puts the figure at more than $300 billion. Postponed developments include the World, a luxury man-made island community designed to resemble a world map, and Dubailand, a theme park planned to be twice the size of Florida's Disney World. Housing prices have fallen 20%-40% from their peak in late 2008, and about 30% of the city's existing real estate space is lying empty...
Nigel Knight, a 45-year-old carpenter from Britain, started a lobbying group of disgruntled Dubai investors after he found that the developer of a villa he'd bought near the future site of Dubailand wasn't depositing his money in an escrow account reserved for construction funds. He suspects his and other investors' money was used by the developer to purchase more land and then sell off more units without ever starting construction at a single site. "It seems to be some kind of Ponzi scheme," he says. What's worse, he then discovered that the company may have...
...excess, an attempt to one-up rivals on the mad dash across the Arabian Peninsula to build the tallest, biggest, glitziest structures. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai and any number of ports, airports, universities and giant residential and industrial complexes abuilding in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear...
...excess - of a piece with the mad dash across the Arabian peninsula, to build the tallest, biggest glitziest structures money can buy. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai, and any number of ports, airports, universities and giant residential and industrial complexes coming up in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear...
...surprisingly, wealthy, opulent Dubai has some high-profile projects. Woods has signed up to build a golf course, a golf academy, a hotel and homes in Dubailand, the region's largest tourism and leisure facility, while Greg Norman is teaming with Sergio Garcia and influential designer Pete Dye to create Dubai's first links-style course. Jack Nicklaus, a pioneer among the player-designers, has announced a $1.35 billion golf-resort venture in the Cape Verde Islands, off the West African coast. Gary Player Design built the first public course in China on an island off Hong Kong and just...