Daily Doom - The World is sinking

[d000hg]

The World is sinking: Dubai islands 'falling into the sea' - Telegraph

Built by bobs?

They do use a lot of Bobs around that part of the world, AFAIK.

[milanbenes]

my goodness,

that article, there's a link in Dim's post is well worth a read

what a tale of greed greed greed

if I may, quote from the article....


'Many investors who did buy the islands proved unwilling or unable to finance further work when Dubai's property prices halved in the space of a year.

Some were hit by troubles elsewhere – the owner of the company which bought Ireland for £24 million, John O'Dolan, committed suicide, while the man who bought Britain for £43 million, Safi Qurashi, is serving seven years in jail in Dubai after being accused of bouncing cheques.

The dispute being heard by the property tribunal involves Penguin Marine, the company which bought the rights to provide boat travel to the islands.

With little business, it is trying to exit the contract, which involves paying an annual fee of just under £1 million to Nakheel.

Nahkeel say they will cash an advanced payment guarantee worth just over £1 million if that happens.

Penguin claim that work on the islands has "effectively stopped". Mr Wilmot-Smith described the project as "dead".

Graham Lovett, for Nakheel, said the project was not dead but admitted it was "in a coma".

"This is a ten-year project which has slowed down," he said. "This is a project which will be completed."

He said Penguin would make money eventually. "That's the price Penguin makes to stay in the game," he said. "They have the potential to earn millions."
'

the above quote is from the same article...

The World is sinking: Dubai islands 'falling into the sea' - Telegraph



oh dear

Milan.

[Mich the Tester]

Maybe there is a God and maybe he has good taste.

[DimPrawn]

The World is sinking: Dubai islands 'falling into the sea' - Telegraph

Built by bobs?