About 70 percent of the islands that make up The World project off Dubai have been sold.


Nearly three quarters of the islands on Nakheel’s off-shore The World development have sold despite the global slump, it was reported on Monday. “This year’s and the previous year’s invitation quota were taken up and have all been sold,” said Hamza Mustafa, the managing director of The World at Nakheel in comments published by UAE daily The National.

The World, one of state-owned developer Nakheel’s most ambitious projects to date, is a collection of man-made islands shaped like a world map about four kilometres off the coast of Dubai. Nakheel said at the start of the month that it was putting some of its flagship schemes on hold including The Universe – an extension to The World – consisting of a group of islands in the shape of the moon, sun and planets.

Among the islands to have sold on the World is Greenland, which has been bought by Dubai Infinity Holdings and Archangel, near Siberia, snapped up by rival developer Pearl Dubai for $27.2 million. Confirmed owners from overseas include The Investment Dar, a Kuwaiti company behind Oqyana, a group of 20 islands that make up the Australia and New Zealand components of the project, and Chinas’s Zhongzhou International, which is developing a hotel resort on Shanghai.

Arabian Business, by Alex Delmar-Morgan, 29 December 2008

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