Got that sinking feeling?
The World, the ambitiously-constructed archipelago of islands shaped like the countries of the globe, is sinking back into the sea, according to evidence cited before a property tribunal.... Now their sands are eroding and the navigational channels between them are silting up, the British lawyer for a company bringing a case against the state-run developer, Nakheel, has told judges. "The islands are gradually falling back into the sea," Richard Wilmot-Smith QC, for Penguin Marine, said. The evidence showed "erosion and deterioration of The World islands", he added. With all but one of the islands still uninhabited – Greenland – and that one a showpiece owned by the ruler of Dubai, most of the development plans have been brought to a crashing halt by the financial crisis.I've heard of underwater properties, but this rises to a whole new level -- literal.
Labels: Dubai Inc.